Breaking the Oil Spell in 2017
One clear lesson for oil-exporting countries in recent years, and especially in 2016, is that they should be adjusting their public policies to promote innovation and diversify their economies. These countries’ sole growth engine – oil revenues – is running in low gear, and will continue to do so indefinitely.
BEIJING – One clear lesson for oil-exporting countries in recent years, and especially in 2016, was that they should be adjusting their public policies to promote innovation and diversify their economies. Their agreement in late November to cut production – the first such OPEC accord in eight years – didn’t change this, regardless of the short-term increase in prices.