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Gulf population growth calls for economic diversification

Standard and Poor's has said the fast-growing populations across the GCC countries make economic diversification imperative in the region, Gulf Times has reported. Population in the GCC region has grown by an average 4.2% over the past decade, of which 55% is below the age of 30, while the labour force has expanded by an average 3% per year over the past decade to reach 15.3 million in 2009, S&P said. "This makes it imperative that economic diversification in the region continues to create more jobs, especially as the oil sector is more capital-intensive than labour-intensive," S&P said.