8 food security in the gcc economies 85 andy spiess part iii regional risk, global competitiveness and economic diversification 9 gcc country risk analysis 101 hassan mounir el sady 10 macroeconomic competitiveness of the gcc economies 115 ahmed aa khalifa 11 the gcc intellectual property regimes. The gulf cooperation council (gcc) countries – saudi arabia (ksa), kuwait, the united arab emirates (uae), qatar, bahrain and oman – are busy adapting to a new economic reality the price of oil has almost halved since june 2014 when it was trading at $115 a barrel and while this has been disruptive for economies that have grown reliant on. Over the past ten to 12 years, the gulf co-operation council (gcc) region, which comprises bahrain, kuwait, oman, qatar, saudi arabia and the united arab emirates, has undergone rapid economic, demographic and social changes.
Economic stability in the gcc countries: a portfolio framework approach 3 evidence confirms that there is a positive correlation between the economic growth rate and its volatility/risk in the gulf cooperation council (gcc) region in other words, there is a trade-off. The oil-rich gulf cooperation council (gcc) countries suffer from the oil price slump while diversification will prove difficult in the short-run, the necessary budgetary consolidation oman, bahrain and saudi arabia will weigh on political risk. Economic unity makes the gcc an economic force to be reckoned with as shown in the tables at the end of this chapter, in 2013, with an aggregate gdp of $162 trillion, the combined economy of the gcc states was ranked twelfth in the world in terms of size.
I think for the gcc countries at large this isn't an ideal situation economically certainly, in terms of pure economic cost, the impact on qatar is heavier than anywhere else. The strong economic ties between the gcc economies and the us are manifested in three ways: currency peg, coupling of monetary policy, and the adoption of the us dollar as the trading currency for oil. The us federal reserve bank is expected to hike interest rates this week, forcing dollar-pegged gulf countries to do the same, but citizens will be shielded from steeper borrowing costs as higher oil. The gulf cooperation council (gcc) economies have achieved a remarkable transformation over the past 30 years saudi arabia and its smaller neighbouring countries bahrain, kuwait, oman, qatar, and.
The gulf cooperation council is an organization of six oil-exporting countries in 1981, the members created the council to foster economic, scientific, and business cooperation the gcc's headquarters is in riyadh, the capital of saudi arabia, its largest member these middle east countries. Staff projects that gcc economies will grow by 17 percent in 2016 compared to 34 percent in 2015, before a modest rebound to 23 percent in 2017 despite the adoption of. The world bank has been a strong partner to the gulf cooperation council (gcc) countries for over 40 years governments in bahrain, kuwait, oman, qatar, saudi arabia and the united arab emirates have mobilized the bank’s global knowledge and development experience through technical assistance programs over the years. The latest mena economic monitor report- spring 2016 expects growth in the countries of the gulf cooperation council (gcc) to fall to 22% in 2016 from 31% in 2015 it is expected that growth will pick up slightly over the forecast period.
Gcc economies brace for rising interest rates abu dhabi has unveiled a $136 billion stimulus package that involves infrastructure investment, creating new jobs, while kuwait has postponed plans. Dubai: slowing of economic activity across gcc countries in 2017 reflects a deeper than-expected slowdown relative to the forecast in the october 2017, the international monetary fund said in its. Since 2014, the collapse in oil prices has thrown up unprecedented economic challenges for the six persian gulf states that make up the gulf cooperation council (gcc) – bahrain, kuwait, oman, qatar, saudi arabia and the uae – accentuating the necessity to wean their economies off hydrocarbons.
The cooperation council for the arab states of the gulf (arabic: مجلس التعاون لدول الخليج العربي ), originally (and still colloquially) known as the gulf cooperation council (gcc, مجلس التعاون الخليجي), is a regional intergovernmental political and economic union consisting of all arab states of. Perspective gcc market overview and economic outlook 2017 executive summary being highly oil dependent economies, gcc countries have been deeply affect-ed by the recent oil price drop (~60. Bahrain, the smallest economy in the gcc and severely affected by the low oil price environment in 2014–2017, is seeking to receive economic support from its gulf allies the island’s large financing needs and low international reserves are threatening the peg of the bahraini dinar with the us dollar.
The gcc countries are keen to interact with the world through a strong economic union, as this will strengthen the position of the gcc worldwide and will enable members to participate in decision-making on the global economic map. The gcc has become a significant regional bloc playing a vital economic and political role far beyond its shores, given its geopolitical strategic location, a preponderance of global energy reserves and a major international player through the use of accumulated financial reserves. Across countries: some gcc economies rely on foreign labor to fill private-sector jobs while other arab oil exporters need to meet the needs of a fast-growing domestic labor force because oil is an exhaustible resource, new sectors need to be developed so they can take. Cybercrime is an escalating threat to the economies of the gulf cooperation council (gcc), and to their plans for digital transformation reliable data on the incidence of cybercrime in the region are lacking, but news reports and statements by police and government officials give anecdotal credence to the likelihood that the problem is increasing.