Macroeconomic problems of the oil-exporting countries in the conditions of instability on the world market
Journal: RUDN Journal of Public Administration (Vol.5, No. 4)Publication Date: 2019-06-07
Authors : G. Gukasyan;
Page : 411-425
Keywords : the world oil market instability; oil exporting countries; financial and economic system; export structure; international division of labor; foreign exchange earnings; economic diversification;
Abstract
Macroeconomic problems of the oil-exporting countries, determined by the instability on the world oil market are still a significant factor affecting the development and socio-economic situation in this group of states and their economic policies. This is especially pronounced in the context of falling world oil prices, when for oil-exporting countries the question of restructuring the economic structure dependent on the oil factor arises with particular urgency. However, the global system of international division of labor imposes serious structural constraints on opportunities and rates of structural economic reforms. At the same time, despite the peculiarities and diversity of the manifestations of macroeconomic problems in various oil exporting countries under the fluctuations in the oil market conditions, similar difficulties in the field of financial, economic, structural and foreign economic policies are manifested.
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