Oil-dependent nations diversifying economies

Major oil-producing countries have been suffering problems – including rising deficits, currency depreciations and debt crises – since mid-2014 as a result of the global slump in oil prices. Analysts say the difficulties are now pushing some of these countries to diversify their economies. Saudi Arabia is planning to sell shares in its state-owned oil assets to establish the world’s largest sovereign wealth fund. That’s in an effort to be a viable state, independent of oil revenue, by 2020. Russia is providing more support for its automobile, light industry and equipment manufacturing sectors. And Nigeria is moving to develop its manufacturing and textile industries.

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