02 Nov The GCC states are characterized as ‘rentier sta
The GCC states are characterized as ‘rentier states’ that derive most of their income from oil-based rent. Describe some characteristics of the economies of rentier states and some key economic challenges resulting from being a rentier state. By using the GCC states as an example, explain how a rentier-based economy hampers:a) economic productivityb) private sector employmentc) innovation and entrepreneurshipd) human capital, knowledge and skills development. maximum length of 500 words.No citation or referencing is needed, you are encouraged to describe and explain using your own words.The essay should start with an introduction (stating the main idea/topic) and end with a conclusion (wrapping up and finishing with a final point).