State Economic Policy and Reform in the Oil-exporting Countries on the Example of Saudi Arabia, the UAE and Iraq

Gurgen Levonovich Gukasyan, Gurgen Levonovich Gukasyan, Abdel Kademovich Aifary, Valeriy Stepanovich Semenovich and Vladimir Valerievich Mantsev
Additional contact information
Gurgen Levonovich Gukasyan: Department of State and Municipal Management, Faculty of Humanitarian and Social Sciences, Peoples Friendship University of Russia, 6 Miklukho-Maklaya Street, Moscow 117198, Russia,
Gurgen Levonovich Gukasyan: Center for Arabic and Islamic Studies, The Institute of Oriental Studies of the Russian Academy of Sciences, 12 Rojdestvenka Street, Moscow 107031, Russia,
Abdel Kademovich Aifary: Department of National Economics, Faculty of Economics, Peoples Friendship University of Russia, 6 Miklukho-Maklaya Street, Moscow 117198, Russia,
Valeriy Stepanovich Semenovich: Department of National Economics, Faculty of Economics, Peoples Friendship University of Russia, Miklukho-Maklaya Street 6, Moscow 117198, Russia
Vladimir Valerievich Mantsev: Department of State and Municipal Management, Faculty of Humanitarian and Social Sciences, Peoples Friendship University of Russia, Miklukho-Maklaya Street 6, Moscow 117198, Russia.

International Journal of Economics and Financial Issues, 2016, vol. 6, issue 4, 1534-1541

Abstract: The study describes the role of state economic policy in the economic transformation of developing oil-exporting countries on the example of Saudi Arabia, the UAE and Iraq. The objective of the article is to show how state economic policy may be used for modernization of national economy. The study of state economic policy in Saudi Arabia, the UAE and Iraq used various methods of economic science. The method of systemic and economic analysis was used to analyze the economic situation and guidelines of state economic policy in Arab oil-exporting countries under review, illustrated in the scientific publications and official documents. The method of statistical analysis helps to systematize data and to comprehend the influence of state economic regulation and participation on the modernization of national economies. Many recommendations on the modernization of developing economies are concentrated on maximal limitation of state regulation of economy to release the market forces. Some publications recommend using state regulation of economy and state participation in the developing countries more widely, than in the developed economies. The authors of the study identified specific experience and characteristics of state regulation of economy and state participation in the developing economies on the example of oil-exporting countries such as Saudi Arabia, the UAE and Iraq. The authors of the study believe that some characteristics of state regulation of economy in Saudi Arabia, the UAE and Iraq may ensure a real progress in economic modernization and must be used in future as efficient. The study can contribute to understanding the paradigm of relationship between state regulation of economy and market environment in developing countries and to promotion of investigations in economic policy for transitional economies.

Keywords: State Economic Policy; Global Oil Market; State Regulation of Economy; Economic Infrastructure; Financial Crisis (search for similar items in EconPapers)
JEL-codes: G18 O10 O13 (search for similar items in EconPapers)
Date: 2016
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