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in par tnership with Copyrights© Mohammed bin Rashid School of Government (MBRSG)The views expressed, or results presented, in the report do not necessarily reflect theviews of the MBRSG, its Board of Trustees, management or employees.The report should be cited as follows:Prasad A., Refass S., Saidi N., Salem F., Shepherd B., Global Economic Diversification Index 2023.Dubai: Mohammed bin Rashid School of Government. Available at www.EconomicDiversification.comThe Mohammed bin Rashid School of Government (MBRSG) reserve allintellectual property and copyright in this report.Design and Layout by Infographic.lyFor interactive visualization of the Global Economic Diversification Index, or to downloada copy of the dataset and the latest edition of the report, please visit:www.EconomicDiversification.com OR www.GEDI.aeTo contact the Global Economic Diversification Index team, email:EDI@mbrsg.ac.aeAuthorsAathira Prasad,Director of Macroeconomics at Nasser Saidi & AssociatesSalma Refass,Principal Researcher at Mohammed Bin Rashid School of GovernmentDr. Nasser Saidi,Founder and President of Nasser Saidi & AssociatesDr. Fadi Salem,Director of Policy Research at the Mohammed Bin Rashid School of GovernmentDr. Ben Shepherd,Principal of Developing Trade Consultants AcknowledgmentsThe development of the Global Economic Diversification Index has benefited from comprehensiveconsultations with global thought leaders and experts at different stages of its development since 2020.The authors would like to express their appreciation to the following global experts for their valuabletime and thoughtful input to the different stages of development of the EDI. Their reviews havecontributed to enhancing the validity and robustness of the project, immensely enriching its dataand expanding the impact of the EDI on policy and economic diversification globally.Experts from International Organizations (ordered alphabetically):The World Bank Group (WB):Dr. Naoko C. Kojo,Senior EconomistDr. Rita Ramalho,Senior Manager for the Global Indicators GroupThe International Monetary Fund (IMF):Dr. Tim Callen,Chief of the GCC Division, Middle East and Central Asia Department, International Monetary FundDr. Reda Cherif,Senior Economist, International Monetary FundDr. Fuad Hasanov,Senior Economist, International Monetary FundThe Organization for Economic Co-operation and Development (OECD):Dr. Mariarosa Lunati,Senior Advisor Global Relations SecretariatDr. Annalisa Primi,Head, Structural Policies and Innovation Unit OECD Development CentreDr. Marie-Estelle REY,Senior Advisor, Middle East and Africa Division Global Relations SecretariatThe United Nations Conference on Trade and Development (UNCTAD):Alexandra Laurent,Analyst, Special Unit on CommoditiesAnu Peltola,Development Statistics and Information, Division on Globalization and Development StrategiesGiovanni Valensisi,Economic Affairs Officer, Division for Africa, Least Developed Countries and Special ProgramsPeer-Reviewers:Dr. Ehtisham Ahmed,Senior Fellow at the Center for Economic Research at the University ofBonn and at the Asia Research Center at the London School of Economics (LSE)Dr. Reda Cherif,Senior Economist, International Monetary FundDr. Nicolas Depetris-Chauvin,Associate Professor of Economics at the HauteÉcole de Gestion de Genève, and Non-Resident Fellow, MBRSGDr. Fuad Hasanov,Senior Economist, International Monetary FundDr. Eswar Prasad,Tolani Senior Professor of Trade Policy at CornellUniversity and Senior Fellow at the Brookings InstitutionZainab Usman,Senior Fellow and Director Africa Program, Carnegie Endowment for International PeaceDr. Karen Young,Senior Fellow and Founding Director of the Programon Economics and Energy at the Middle East Institute.The Authors would also like to express their appreciation to the Board of Trustees,The Executive President and The Dean of the Mohammed Bin Rashid School of Government,for their unwavering support during the different phases of the project.The Authors would also like to thank the Policy Research team at the MBRSG for their vital supportand contributions to the programmatic activities related to the Global Economic Diversification Index,especially Engy Shibl for publication management, Marouen Ghezal for logo design, Salha Juma Bu-Kattara and Shuaib Kunnoth for website coordination. Special thanks to Christina Mueller from LSEG. Table of ContentsExecutive SummaryChapter 1. Economic Diversification Index 2023Main resultsOutput, Trade and Revenue RankingsRegional performance over timeChapter 2. Impact of Covid19 on Economic DiversificationCovid19 and impact on outputPandemic effects on AgricultureCovid effects on industry and manufacturingCovid affected MSMEs more than large firmsCovid19 and impact on tradeTrends by regionCovid19 and impact on revenue collectionChapter 3. Commodity producers’ Economic DiversificationHave commodity dependent nations diversified?Commodity producers Output DiversificationCommodity Producers Trade Div