112 countries have been put to a test, one that’s all about the strength of their economy. Many countries, especially in the Gulf, are known for their powerful oil economy, but what if there’s a disruption in the oil supply?
That’s where economic diversification comes in, which is when a country moves away from depending on one source of income to multiple sources of income. In 2024, the Global Economic Diversification Index (EDI) released a report on the level of economic diversification in 112 countries.
Lebanon came up on top, ranking 1st in the MENA with an economic diversification score of 102.1. Coming in second is Jordan, with a score of 101.9, and then Tunisia, with a score of 100.7.
Lebanon takes the top spot, knowing how its economy dives into everything from banking and finance to tourism, hospitality, and real estate.
Jordan also has a diverse economy that’s focused on private enterprise and services. The same can be said for Tunisia, known to have the most diversified economy in Africa. Its economy has a big focus on the service sector.
When it comes to the GCC, they’re more dependent on commodities but have shown increased diversification, especially with both the UAE and Saudi Arabia expanding their sports and tourism industries to reach their Vision 2030 goals.