Economic Diversification Research Articles

The nexus between Public Investment Fund Sports Revenue and economic development in Saudi Arabia

This research is targeted at analyzing the possible impacts of sports investment and sports events. This study discusses the multi-dimensional influences of the Kingdom of Saudi Arabia (PIF) activities concerning sports event sponsorship on tourism revenue, GDP Growth Rate, Foreign direct investment inflows (FDI), and economic diversification. The study employs the “Multiple linear regression model” for data analysis. The analysis is based on secondary data, and the sample incorporates annual time series information covering the period between 2018 to 2023. The results reveal that the coefficient for GDP Growth Rate is statistically significant, while, the coefficients of FDI and Tourism Revenue are not statistically significant at the conventional level. The results indicate that the sports industry positively impacts economic activity. Based on empirical analysis, Saudi Arabia must continue hosting mega-events to support the Vision 2030 plan to diversify the Saudi economy. the paper is intended to give information on the economic landscape of Saudi Arabia and global image production in sports event sponsorships.

Becoming community economy: how community-supported agriculture diversifies farm labour

ABSTRACT Analyses of diverse and community economies have formed a fruitful basis for studying postcapitalist possibilities in agrifood systems and the economy. However, diverse economies scholarship has foregrounded the study of the economic diversity landscape encountered and sustained in community economies more than the process of becoming a community economy. To address this imbalance, we study labour in three Portuguese community-supported agriculture initiatives longitudinally rather than cross-sectionally to reconstruct the trajectory of labour diversification from the initiation of community-supported agriculture (CSA) over several years. The analysis of the reconstructed trajectories shows that the CSA setup led to labour diversification in all three case studies. Nevertheless, the findings suggest that “community” should be understood as a possible emergent property rather than an inherent quality of community economies such as CSA. Furthermore, the findings suggest that empowerment and disempowerment dynamics are crucial in diversifying work relations in community economies. The longitudinal approach followed in this study can be fruitfully adopted to various community economies within and beyond agrifood systems to reveal how postcapitalist relations emerge and consolidate in becoming a community economy.

Agribusiness in the UAE: Challenges and Technological Advancements, A Review

This review comprehensively analyses the agribusiness landscape in the United Arab Emirates (UAE), highlighting the challenges and strategic responses that shape the sector. The UAE’s agribusiness is pivotal for economic diversification and reducing oil dependency. However, it faces significant obstacles due to the harsh desert climate, limited arable land, and freshwater scarcity. Soil salinity and water constraints necessitate innovative agricultural practices. Technological innovations such as vertical farming and hydroponics, alongside government initiatives like the ‘National Food Security Strategy 2051’, are crucial for sustainable agriculture. The paper examined the UAE’s reliance on food imports and the associated risks, including supply chain disruptions and market volatility. It outlines resilience strategies such as crop diversification, supply chain improvements, and continuous innovation. Through case studies of pioneering enterprises like Pure Harvest Smart Farms and Al Dahra, the paper showcases successful applications of climate-resilient crops and advanced farming techniques. These firms demonstrate the potential for successful agribusiness despite environmental challenges. The paper concludes that addressing these challenges is vital for the UAE’s food security, ensuring a stable food supply, and supporting a diversified, sustainable economy. Investment in AgriTech, research, innovation, and strategic policy implementation are key to the future of agriculture in the UAE.

Which dimensions of regional diversity facilitate media cluster formation?

ABSTRACT This research investigates the relationship between regional diversity and media industry agglomeration by exploring multiple aspects of regional diversity, including cultural, economic, and demographic diversity, and their varying impacts on media industry agglomeration in South Korea. The findings of this study show that regions with great cultural and economic diversity attract the media industry. Exposure to diverse cultures and various economic activities enhances the region’s capacity to embrace unconventional thinking and innovative ideas, attracting creative talents who are vital to the media industry and promoting a conducive environment for creative activities within the media industry. However, this research also found that not all forms of regional diversity act as magnets for the media industry. Highlighting the multifaceted aspects of regional diversity, this study provides empirical evidence that, rather than a demographically diverse population, a demographically concentrated population of young labor attracts media industry agglomeration, facilitating the formation of media industry clusters.

Population Diversity and Economic Growth: A Meta‐Regression Analysis

ABSTRACTIn this study, we apply meta‐regression techniques to 1537 estimates derived from 83 studies that investigate the effect of population diversity on economic growth. We find a subtle inclination toward publishing results that assert a negative correlation between diversity and economic growth, indicating a mild publication bias. However, the extent and direction of this bias vary according to the specific diversity dimension considered. After adjusting for both publication bias and the methodological quality of the underlying studies, our results indicate that while ethnic and linguistic diversity exhibit a small and statistically insignificant positive effect on economic growth, the remaining diversity dimensions—namely religious, genetic, birthplace, and other forms of diversity—exert a significant positive impact on growth, with effect sizes ranging from moderate to large. Additionally, our findings reveal that the reported estimates are influenced by several factors, including the methodologies employed by researchers in measuring economic growth and diversity, the characteristics of the data and estimation techniques utilized, and the consideration of other growth‐related factors.

Economic Complexity and Sectoral Performance in Africa: The Role of Economic Governance Institutions

ABSTRACTIn line with earlier research on economic development, which viewed development as a process of structural modification of the productive structure, this study concentrates on economic complexity and its role in the developmental process. We studied how economic complexity and economic governance institutions affect sectoral performance in Africa, and how economic governance institutions are moderating the economic complexity‐sectoral performance nexus in the region. The study covered a sample of 30 African countries over the period 2010–2021, and used both the dynamic system GMM and the Driscoll and Kraay (1998) standard errors fixed effect estimation techniques. We find that economic complexity and economic governance institutions individually have negative unconditional effects on the agricultural, manufacturing, and services sectors in Africa. We also find that economic governance institutions on the continent failed to moderate the adverse effect of economic complexity on sectoral performance. These findings indicate that the low level of economic complexity in African economies and the weak governance institutions that have plagued the continent have both contributed to its poor sectoral performance. In line with these findings, we provided policy recommendations, which emphasized the need for economic diversification and governance institutional reform in Africa.

Custom as a source of Law in International Trade: Tradition and Modernity

The study explores the role and relevance of custom as a source of law in international trade, analyzing how it evolves in the context of modernity. The main objective of the research is to assess how legal traditions based on recurring commercial practices influence modern norms, providing stability and predictability in global trade relations. The study's main conclusion is that, although modernity brings new forms of regulation, custom continues to play a crucial role in filling legislative gaps and in the flexible adaptation of norms to the cultural and economic diversity of the parties involved.

Saudi Universities as Catalysts for Sustainable Innovation and Entrepreneurship Development

Objectives: The objectives of this study are to investigate how Saudi universities foster innovation and entrepreneurship, how effective their programs are at improving entrepreneurial skills, and how they contribute to Vision 2030 and the Sustainable Development Goals (DSGs), specifically in terms of economic diversification and societal progress. Theoretical Framework: From the standpoint of resource-based view theory (RBV), the paper endeavors to highlight the influence of the entrepreneurial programs and their outcomes on the learners’ ability to identify, launch, and grow their business. Method: A mixed-method approach was used, with both qualitative and quantitative studies. Surveys were issued to current and former Saudi university students to assess their perceptions of entrepreneurial programs. Results and Discussion: According to the survey, university programs led to considerable gains in entrepreneurial abilities and confidence for 80.6% of respondents. Access to capital, a supportive network, and practical business planning and execution tools were all critical success elements. Research Implications: The results highlight the crucial importance of higher education in creating an entrepreneurial ecosystem. The findings underline the importance of colleges serving as innovation hubs by bridging the gap between academics and industry, equipping students with practical tools, and cultivating a creative culture. Originality/Value: This study offers a unique perspective by combining theoretical insights with empirical data to assess Saudi institutions' role as catalysts for innovation. Unlike previous research, it combines an exhaustive study of the entrepreneurial ecosystem with a detailed analysis of individual institutional initiatives, providing actionable recommendations for improving higher education's impact on economic growth.

The Politics of Representation in New Saudi Arabian Cinema

Abstract Textual analyses of Saudi Arabian films serve to deepen our understanding of the shifting boundaries of permissibility that exist between artists and the state. Where new cultural industries have been developed as part of broader national efforts toward economic diversification, Saudi auteurs such as Meshal Al-Jaser have sought to use film to facilitate society-wide discussions on contentious issues such as war, women’s rights and religion. These priorities intersect at the point where social liberalization is conducive with job market expansion and the new globally projected image of moderate Saudi nationalism. Yet the tentative exploration of boundaries plays out in much finer detail on the screen, pointing to how new freedoms give rise to new forms of representation in the cinematic treatment of Saudi history and politics. Al-Jaser’s first feature film, Naga, defers polemical commentary on the capricious bond between state and religion through its use of symbolism and multi-genre aesthetics. As a text, it highlights the cultural interplay between filmmakers and the state, as well as the repertoire of tactics that artists may use to facilitate discussion and positive social changes.

Inflation Management In The Eu: Does The Eurozone Outperform Non-Euro States?

This study examines the effectiveness of the monetary policy of the European Central Bank (ECB) in managing inflation in the Euro Area compared to the independent monetary policy of seven European Union Member States outside the Economic and Monetary Union (EMU). It highlights the complexity of applying a centralized one size fits all approach to diverse economies, highlighting the differences between core and peripheral EMU countries and the unique challenges faced by non-Eurozone countries. In addition, the study includes an analysis of the stress indicator, defined as the difference between the ECB’s main refinancing rate and the optimal rate of the central bank of non-EMU countries. This indicator reflects whether the ECB’s monetary policy has been too loose or too restrictive relative to the needs of non-Euro Area countries. The stress indicator is further analyzed during key economic periods, including past crises, to assess its volatility. Using econometric models, the study assesses the impact of optimal interest rates and macroeconomic indicators on inflation in three groups: the EU as a whole, Euro Area and non-Euro Area countries. This multi-faceted approach provides valuable insights into the varying effectiveness of centralized and independent monetary policies in addressing inflation challenges.

Comparative Analysis of the Effects of European Union Environmental Policies on the Textile and Clothing Sector of Turkey and Bangladesh: Implications for Sustainable Development Goals

Objectives: This study investigates the impact of European Union (EU) environmental policies on Bangladesh's and Turkey's textile industries. It aims to identify the challenges both nations face in implementing these regulations and explore opportunities for sustainable development by comparing their approaches. Theoretical Framework: The research is grounded in environmental governance and industrial sustainability principles, emphasizing the interplay between regulatory frameworks and economic practices in developing countries. Method: A mixed-methods approach combines an extensive literature review with analyzing country-specific data from existing studies. This method provides a comprehensive understanding of the challenges and strategies employed by both nations. Results and Discussion: Findings reveal that compliance with EU regulations is challenging for Bangladesh and Turkey due to their reliance on textile exports. With its diversified economy, Turkey faces high financial requirements, while Bangladesh struggles with rapid population growth and unplanned industrialization. Common issues such as air and water pollution, along with inadequate waste management systems, are prevalent in both contexts. Differences emerge in regulatory frameworks and resource management, influencing their respective adaptation strategies. Research Implications: The study highlights the need for customized policy interventions and international collaboration to support compliance efforts in both countries. Enhanced environmental practices can foster the achievement of Sustainable development Goals (SDGs) while ensuring economic growth. Originality/Value: This research offers a comparative analysis of two major textile-exporting nations, providing fresh insights into balancing economic development with environmental responsibilities in the global textile sector.

Unravelling the Link Between Financialisation and Economic Growth: Evidence from Croatia

This study investigates the relationship between financialisation and economic growth in Croatia, focusing on the period from 1995 to 2021. Using time series econometric models, including the Augmented Dickey–Fuller test for stationarity, Johansen’s cointegration test for long-term relationships, and the Granger causality test within the Vector Error Correction Model (VECM) framework, the research reveals a sustained long-term equilibrium relationship between financialisation and economic growth in Croatia. However, the Granger causality test does not indicate a definitive causal direction between these variables. While the study is limited to the Croatian context and the specified period, its findings have significant implications for policymakers in Croatia and similar emerging markets. These results suggest that while financialisation can enhance economic growth through better resource allocation and increased investment, it may also pose risks such as financial instability. Such measures aim to mitigate the risks associated with financialisation while promoting sustainable economic growth. To address these challenges, we recommend the implementation of robust regulatory frameworks, financial literacy initiatives, and economic diversification strategies. Such measures aim to mitigate the risks associated with financialisation while promoting sustainable economic growth. The study fills an important research gap on financialisation in emerging markets, particularly in Croatia, providing empirical evidence on the long-term relationship between financialisation and economic growth and highlighting the need for context-specific policy interventions.

Agricultural Transformation and its Contribution to Economic Development in South Asian and African Countries

Agricultural transformation is central to economic development, driving modernization, productivity enhancement, and integration into broader economic systems. This study compares South Asia and Africa, analyzing their distinct trajectories influenced by sustainable practices, policy reforms, and technological advancements. In South Asia, agricultural employment declined sharply, with Bangladesh dropping from 80% in 1973 to 35% in 2023, and India from 70% to 37%. Africa saw a more gradual decline, from 70% to 48% during the same period. Productivity improvements highlight regional progress, with agricultural productivity growth rising in Bangladesh (3.3% to 4.1% by 2023) and Kenya (3.3% to 4.1%), while manufacturing productivity surged in Kenya (6.6%) and India (5.2%). South Asia's growth leverages high-yield crops and market integration from the Green Revolution, while Africa focuses on climate-smart agriculture, diversification, and community-based solutions to address climate vulnerabilities and infrastructure gaps. Both regions emphasize sustainability as a resilience strategy. Using a four-stage paradigm of agricultural transformation, the study underscores the significance of transitioning from subsistence to high-value, technology-driven agriculture for economic diversification and resilience. By analyzing labor productivity, GDP per capita, and crop production indices, the research demonstrates agriculture's critical role in fostering sustainable development and economic growth across both regions.

DAMPAK FLUKTUASI HARGA MINYAK DUNIA TERHADAP EKONOMI DI INDONESIA

Referring to the significance of the energy sector in the national economy, changes in global oil prices have a significant impact on the raw materials economy in Indonesia. This research aims to explore the influence of international oil price fluctuations on the oil and gas sector, investment in the energy sector, and state income. The methods applied include qualitative and quantitative approaches to assess these impacts, including analysis of historical data regarding global oil prices, domestic energy production patterns, and energy policies implemented by the government. The study results show that global oil price fluctuations not only affect government revenues from the oil and gas sector, but also pose challenges to investment sustainability, energy diversification and economic stability. Indonesia's dependence on petroleum as its main energy source makes it vulnerable to changes in international markets. Therefore, adaptive actions are needed, such as increasing energy efficiency, accelerating the development of renewable energy, and strengthening economic diversification based on natural resources. This study presents strategic recommendations to minimize the negative impact of global oil price fluctuations on the national economy, with an emphasis on strengthening energy policy and optimizing the potential of other natural resources. This research also emphasizes the importance of collaboration between the public and private sectors in facing these challenges.

Poverty Reduction Through Adaptive Social Protection and Spatial Poverty Model in Labuan Bajo, Indonesia’s National Strategic Tourism Areas

Despite Indonesia’s significant economic progress, certain regions, such as West Manggarai Regency in East Nusa Tenggara, continue to face persistent poverty challenges. While strategic tourism initiatives in Labuan Bajo have spurred regional development, the benefits have not reached local communities equitably, highlighting a disconnect between economic growth and community well-being. Addressing this gap requires an integrated approach that links social protection, disaster risk reduction, climate adaptation, and economic diversification. This paper proposes an adaptive social protection (ASP) framework that aims to increase the resilience of vulnerable populations by integrating social protection systems with disaster preparedness and sustainable economic strategies. The research critically examines the Regional Medium-Term Development Plan (RPJMD) of Kabupaten Manggarai Barat (2021–2026), identifying existing policy gaps and opportunities for improvement. Using a mixed-methods approach, this study used cluster mapping and geographically weighted regression analysis to model and visualise poverty distribution alongside infrastructure conditions. These findings will inform the design of a targeted ASP programme to reduce poverty and build resilience to economic and environmental shocks. By aligning with sustainable development principles, the proposed framework addresses the dual goals of poverty reduction and disaster risk reduction. This study provides actionable recommendations for local governments to strengthen social protection mechanisms, promote inclusive economic growth, and ensure equitable distribution of tourism benefits. The findings provide a policy blueprint for promoting sustainable and inclusive development in West Manggarai Regency, with implications for similar contexts in other regions.

Improving The Creative Economy Through Training in Making Aloe Vera Dish Liquid Soap with Participatory Rural Appraisal Method

This community service program is carried out to improve skills for the women of the Bekasi Ta'lim Bakormata Council as a training program for making liquid dish soap to enhance the community's creative economy in increasing family needs. This method of service uses Participatory Rural Appraisal. The training participants of the partner group amounted to 50 people. The implementation is carried out in stages, with lecture methods, direct practice, and mentoring, which takes 3 months. The results of this program showed a significant increase in the enthusiasm of participants in the training by 45% succeeded in showing excellent results, the activity was carried out in groups, then it could be used as a home business, as evidenced by the sales of 500 bottles, with a unit price of Rp.10,000, per bottle. This training has also succeeded in encouraging local economic diversification, improving welfare, and strengthening the creative economy's potential at the Ta'lim Bakormata Assembly. This program can be a model adopted by other assemblies in the surrounding community.

Determinants of Livelihood Diversification among Rural Households in Oyo State, Nigeria

This study examines the factors influencing livelihood diversification among rural households in Ogo-Oluwa Local Government Area, Oyo State. A multistage sampling technique was employed to select 120 rural households, and data was collected through a structured questionnaire. Descriptive statistics were used to analyze the socioeconomic characteristics, while inferential statistics (logit regression analysis) determined the extent of livelihood diversification among respondents. The findings revealed that the average household size was six members, with an average age of 47 years and an average farming experience of 24.5 years. The mean farm income was $558,750, and 54.17% of respondents were engaged in diverse livelihoods. The results indicated that gender had a statistically significant and negative influence at the 10% level. Education level positively influenced diversification, with statistical significance at the 1% level. Similarly, the dependency ratio, primary occupation, and income were positively associated with diversification, each statistically significant at the 5% level. Support from NGOs and government also showed a positive and significant relationship with diversification at the 1% level. The study highlights the importance of education in equipping farmers with the knowledge to diversify their livelihoods. Additionally, support from the government and organizations can strengthen resilience and foster economic diversification among rural households.

Future Roadmap for the Implementation of Sustainable Development Goals SDG9: Industry, Innovation, and Infrastructure in Kuwait

The Sustainable Development Goals 9 (known as the SDG9): Industry, Innovation, and Infrastructure are crucial objectives for Kuwait since they are essential to the nation’s attempts to achieve sustainable development and economic diversification. Using the recently available literature, this research attempts to understand and investigate the current level of SDG9 implementation in the context of Kuwait. Data from the SDGs database based on published studies and reports were used in this study. The actual level of SDG9 implementation in Kuwait still faces significant challenges. The roadmap to achieving the SDG9 goals was improved based on the analysis of SDG9 targets and identifying the reasons and factors for developing each target. The results indicate that Kuwait should encourage non-oil businesses, including manufacturing and renewable energy, to diversify its economy and reduce its dependency on oil. Efforts need to be taken to improve industrial infrastructure, encourage innovation, and advance research and development (R&D) activities. To attract capital and skills for infrastructure development, Kuwait should also promote public–private partnerships. In order to achieve the SDG9 goals, it is suggested that policymakers foster innovation and technology adoption, support small and medium-sized businesses (SMEs), promote sustainable industrial practices, build industrial infrastructure, improve vocational and technical education, encourage international cooperation and technology transfer, monitor progress, and set targets.

Australian coal mining and economic diversification in the energy transition context

Australia, with the third-largest coal reserves globally, is the fifth-largest producer and third-largest exporter of black coal, generating about half of its electricity from coal. Concerns about the loss of export earnings and jobs, energy security, and economic decline in coal-dependent regions are a critical challenge to Australia’s coal phase-out plans. Employing Q-methodology and semi-structured interviews, this paper examines how diverse stakeholders in Queensland, Australia, envision managing the coal phase-out and promoting economic diversification. The analysis reveals three distinct perspectives: ‘Maximise coal utilisation’, ‘Prioritise coal phase-out’, and ‘Diversify economy as coal phases out’. These perspectives underscore the importance of multi-stakeholder narratives to shaping systemic changes through transformative vision. The analysis takes a multi-stakeholder perspective framework as a narrative approach to ground-test the ‘just transition’ concept. In doing so, the paper demonstrates that justice, in terms of the economic diversification component of coal transition, entails considering implications on multiple economic sectors of coal regions as well as the interplay of actors, policies, and processes across multiple levels of public and private sectors.

Prospects for the Development of Mountain Tourism in Azerbaijan

Mountain tourism in Azerbaijan has significant potential for development, given the country’s diverse landscapes, rich cultural heritage and emerging tourism infrastructure. The Greater and Lesser Caucasus Mountains offer unique opportunities for ecotourism, adventure tourism and winter sports, making Azerbaijan a promising destination for mountain lovers. This article examines the future prospects for mountain tourism in Azerbaijan, focusing on key factors such as infrastructure development, environmental sustainability and the promotion of local culture. Key initiatives include expanding facilities in popular destinations such as Shahdag and Tufandag resorts, improving road and transport networks and enhancing the quality of accommodation and services. In addition, promoting sustainable tourism practices to preserve the natural environment and engage local communities is crucial. Azerbaijan’s strategic location between Europe and Asia and its visa facilitation programmes offer great potential for attracting foreign tourists. The article also examines challenges such as the need for trained specialists, seasonal restrictions and competition with neighbouring countries. By investing in infrastructure, promoting responsible tourism and utilizing its unique natural resources, Azerbaijan can establish itself as a top mountain tourism destination, contributing to regional development and economic diversification.