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Economic Development in the Gulf Cooperation Council Countries by Héla Miniaoui Pdf
This book delves into the economic development of the six Gulf Cooperation Council (GCC) countries. Since the 1960s, the GCC states have harnessed their potential to exploit the wealth accrued from the oil boom to build their infrastructure and grow their economies. However, the high level of dependency on oil as the primary source feeding their output made their economies volatile and vulnerable to fluctuations in the global oil prices. Moreover, the plunge in oil prices and the threat of depletion of this natural resource pose serious challenges to the GCC countries. Consequently, the GCC governments have realized the importance of diversifying their economies following the need to move away from reliance on hydrocarbon. This book contributes to the theoretical literature by enriching the debate on the transition of the GCC countries from rentier states to diversified economies. It helps students and scholars understand this transformation with an expansive comprehension of the contemporary challenges facing the region, as well as outlining prospects for the future.
Monetary Union Among Member Countries of the Gulf Cooperation Council by Mr.Ugo Fasano-Filho,Ms.Andrea Schaechter Pdf
The six member countries of the Gulf Cooperation Council (GCC)--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--have made important progress toward economic and financial integration, with the aim of establishing an economic and monetary union. This paper provides a detailed analysis of the economic performance and policies of the GCC countries during 1990-2002. Drawing on the lessons from the experience of selected currency and monetary unions in Africa, Europe, and the Caribbean, it assesses the potential costs and benefits of a common currency for GCC countries and also reviews the options for implementing a monetary union among these countries.
GCC Countries by Mr.Ugo Fasano-Filho,Mr.Zubair Iqbal Pdf
This paper presents an overview of the unprecedented economic and social transformation witnessed by the member countries of the Cooperation Council of the Arab States of the Gulf (GCC)-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates-over the last three decades.
International Monetary Fund. Middle East and Central Asia Dept.
Author : International Monetary Fund. Middle East and Central Asia Dept. Publisher : International Monetary Fund Page : 74 pages File Size : 54,5 Mb Release : 2023-12-14 Category : Business & Economics ISBN : 9798400263279
Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries by International Monetary Fund. Middle East and Central Asia Dept. Pdf
The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation. Oil production – which depends on OPEC+ decisions – will be subdued in the near term. Inflation is contained and current account surpluses are high. Fiscal balances remain healthy, supported by fiscal reforms and high oil prices. The primary non-oil deficits are expected to decrease to 24 percent of GDP by 2028, with higher non-oil revenue reflecting sustained fiscal and structural reforms and contained expenditures. High global uncertainty is weighing on the outlook.
Foreign Relations of the GCC Countries by Eman Ragab,Silvia Colombo Pdf
This book examines the foreign policies of the GCC countries six years after the Arab uprisings, in terms of drivers, narratives, actions and outcomes, paying particular attention to Middle Eastern countries, Iran and Western international powers. The assessment focuses on current affairs, but also contributes to establishing a productive link between empirical studies and the existing theoretical frameworks that help explain the increasing foreign policy activism of the GCC countries. All in all, the articles collected in this book shed light on and provide a more solid and fine-grained understanding of how regional powers like Saudi Arabia, as well as the other smaller GCC countries, act and pursue their interests in an environment full of uncertainty, in the context of changing regional and global dynamics and power distribution. The book brings together the articles published in a Special Issue of the International Spectator.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 36 pages File Size : 52,5 Mb Release : 2018-12-06 Category : Business & Economics ISBN : 9781498310635
Gulf Cooperation Council Countries (GCC) by International Monetary Fund Pdf
"Financial systems in the GCC have developed significantly over the last couple of decades, but there appears to be further room for progress. The development of bank and equity markets has been supported by a combination of buoyant economic activity, a booming Islamic finance sector, and financial sector reforms. As a result, financial systems have deepened and, overall, the level of financial development compares well with emerging markets. However, it still lags advanced economies and, other than for Saudi Arabia, appears to be lower than would be expected given economic fundamentals, such as income levels. Financial development in the GCC has relied to a large extent on banks, while debt markets and nonbank financial institutions are less developed and access to equity markets is narrow. The non-bank financial institutions—pension funds, asset management and finance companies, and insurance—remain small. Domestic debt markets are underdeveloped. While equity markets appear to be well developed by market size, they are dominated by a few large (and often public-sector) companies. GCC countries have made progress on financial inclusion, but gaps remain in some important areas. Access to finance for SMEs, women, and youth, in particular, appears relatively low. This may partly reflect social norms, low levels of participation of women in the labor market and private sector activity, and the high level of youth unemployment. Further financial development and inclusion is likely to be associated with stronger economic growth in the GCC countries. While there is uncertainty surrounding the empirical estimates in the paper, further progress with financial development and/or inclusion is likely to go hand-in-hand with stronger growth. The growth benefits, however, are likely to vary across countries depending on the current level of financial development and inclusion. To realize these growth benefits, reforms to strengthen access to finance for SMEs, women, and youth are needed. Addressing institutional weaknesses and promoting financial sector competition would help boost access to finance for SMEs. Reforms to enhance financial literacy and improve SME governance structures and insolvency frameworks are critical. Other reforms encouraging female and youth employment and the use of emerging technologies in finance also appear promising. Additional reforms to foster financial development should focus on developing debt markets and making stock markets more accessible to a larger pool of companies and investors. To grow domestic debt markets, the authorities should develop a government yield curve, seek to increase market liquidity through secondary market trading, and ensure requirements for private issuance are not onerous. Stock market reforms should focus on enhancing corporate governance and investor protection, removing restrictions on foreign ownership, and encouraging financial market competition. The latter would also help the development of non-bank financial institutions."
Fostering Human Capital in the Gulf Cooperation Council Countries by Sameh El-Saharty,Igor Kheyfets,Christopher Herbst,Mohamed Ihsan Ajwad Pdf
The formation of human capital--the knowledge, skills, and health that people accumulate over their lifetimes--is critical for the six Gulf Cooperation Council (GCC) countries. Human capital contributes not only to human development and employment but also to the long-term sustainability of a diversified economic growth model that is knowledge based and private sector driven. This approach is critical, given that income from oil and gas will eventually decline and that the nature of work is evolving in response to rapid technological changes, in turn demanding new skill sets. The GCC governments have demonstrated their strong political will for this shift: four of them are among the first countries to join the World Bank’s Human Capital Project—a global effort to improve investments in people as measured by the Human Capital Index. The GCC countries face four main challenges: • Low levels of basic proficiency among schoolchildren • A mismatch between education and the labor market • A relatively high rate of adult mortality and morbidity • A unique labor market , in which wages in the public sector are more generous than in the private sector and government employment of nationals is virtually guaranteed To address these challenges, this report outlines four strategies in a“whole-of-government†? approach: • Investing in high-quality early childhood development • Preparing healthier, better educated, and skilled youth for the future • Enabling greater adult labor force participation • Creating an enabling environment for human capital formation These strategies are based on best practices in other countries and feature some of the GCC countries’ plans, including their national “Visions,†? to take their economies and societies further into the twenty-first century. With the COVID-19 pandemic, the GCC countries face additional challenges that may worsen some preexisting vulnerabilities and erode human capital. In response, the GCC governments have taken multiple measures to protect their populations’ health and their economies. Any country’s decision to reopen its economy needs to closely consider public health consequences to avoid a resurgence of infections and any further erosion of its human capital. The COVID-19 crisis underscores that the need to accelerate and improve investment in human capital has never been greater. Once the GCC countries return to a “new normal,†? they will be in a position to achieve diversified and sustainable growth by adopting, and then tailoring, the strategies presented in this report.
Impact of the Global Financial Crisis on the Gulf Cooperation Council Countries and Challenges Ahead by Ms.May Y Khamis,Mr.Abdelhak S Senhadji Pdf
Departmental papers are usually focused on a specific economic topic, country, or region. They are prepared in a timely way to support the outreach needs of the IMF’s area and functional departments.
Unlocking the potential of protected agriculture in the countries of the Gulf Cooperation Council - Saving water and improving nutrition by Food and Agriculture Organization of the United Nations Pdf
The Gulf Cooperation Council (GCC) is a political and economic union of Arab states, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the Unites Arab Emirates. The GCC was formed in 1981 to strengthen the members’ economic, social and political ties by harmonizing regulations in various fields including economy, finance, trade and customs. The region extends over a territory of 2 673 108 km2 and is home to about 50 million people. The common denominators of the GCC countries are limited natural fertile land, scarce water resources and harsh climate. Depending on the country, the agriculture sector may use as much as 75 percent of the national available water resources. This has enormous environmental costs and significantly affects the sustainability of overall development in the Arabian Peninsula.According to Al-Rashed and Sherif (2000), the lack of renewable water resources is one of the critical constraints to sustainable development in the GCC countries. Rainfall in the Arabian Peninsula is scarce and infrequent. Over-exploitation of fossil groundwater resources, mostly to meet irrigation demands and create greenery lands, has already affected the productivity of aquifers, both quantitatively and qualitatively, despite the fact that much of the freshwater demand in the GCC countries is already covered using desalinated water. Reducing water consumption and increasing water efficiency are essential to enhancing agriculture and moving towards increased self-sufficiency with the production of high-quality, safe and diversified foods in the GCC countries. Exploiting the full potential of protected agriculture should save significant amounts of water, which can be used not only for agriculture but for other needs as well.
Family Business in Gulf Cooperation Council Countries by Veland Ramadani,Wassim J. Aloulou,Mohammad Zainal Pdf
This volume represents a comprehensive state-of-the-art picture of family business and entrepreneurship issues in countries belonging to the Gulf Cooperation Council. It provides major theoretical and empirical evidence which depicts the current processes in each GCC country including problems, faced by family business owners and entrepreneurs, such as succession, financial constraints, and conflicts. The chapters offer recommendations to policy makers on how to improve the general business environment and encourage potential investors, researchers, academicians, and professionals to be more involved in the region. The book is an outcome of a long-lasting endeavor and includes contributions from highly reputed authors and experts from the region and abroad.
China and the Gulf Cooperation Council Countries by Muhamad S. Olimat Pdf
This book examines China’s relations with member states of the Gulf Cooperation Council. It highlights the depth of China’s ties with the region bilaterally and multilaterally on a five-dimensional approach: political relations, trade relations, energy security, security cooperation, and cultural relations. Regarding each of these criteria, the GCC countries enjoy a strategic significance to China’s national security, vital interests, territorial integrity, sovereignty, regime survival, and economic prosperity. China has been an integral part of the political developments on the Arabian Gulf scene since the 1950s. Their bilateral ties have grown steadily since the Economic Reform Era, culminating in strategic partnership two decades later. China and its Arab Gulf partners have embarked on an ambitious economic cooperation that includes joint ventures in oil upstreaming and downstreaming, mammoth highway and railroad projects, construction projects, and above all, strategic security coordination in reference to security threats. Both sides are also engaged in a process of revival of the Silk Road within the Belt and the Road framework. Sino-Gulf bilateral trade relations reached $159,419.20 billion in 2014. The two sides aim to increase it to $600 billion by 2020, a goal within reach given the fact that they are concluding the China-GCC Free Trade Agreement, which will transform their bilateral ties.
Environmental Cost and Face of Agriculture in the Gulf Cooperation Council Countries by Shabbir A. Shahid,Mushtaque Ahmed Pdf
This volume presents the outcome of an Agriculture Workshop organized by the Gulf Research Centre Cambridge (GRCC) and held at Cambridge University, UK during the Gulf Research Meeting 11-14 July 2012. Co-directed by the editors, the workshop, entitled “Environmental Cost and Changing Face of Agriculture in the Gulf States” was attended by participants from Australia, Bahrain, India, Kuwait, Oman, Saudi Arabia, Turkey, UAE, UK and Morocco. These scientists, educators, researchers, policy makers and managers share their experience in agriculture in the Gulf States, with the aim of helping to improve agriculture production and thus bridge the gap between local production and the food import. The papers gathered here were presented at the workshop and have all passed through rigorous peer review by renowned scientists. The diverse papers present various aspects of agriculture production in the evolving face of climate change and dwindling water resources in the region. The book covers topics such as the prospects of agriculture in a changing climate; the potential of climate-smart agriculture; the impact of food prices, income and income distribution on food security; improved efficiency in water use; challenges in using treated wastewater in agriculture; investment in foreign agriculture and agricultural research and development. The papers span the nations of the Gulf Cooperation Council, with specific case studies set in Oman, Bahrain and Kuwait.
Public Relations in the Gulf Cooperation Council Countries by Talal M Almutairi,Dean Kruckeberg Pdf
The Arab world has engaged in public relations for thousands of years, and the public relations literature provides multiple examples extending from ancient times. However, modern public relations is much more vaguely defined. This is partly because the research surrounding public relations practice in the Middle East remains sparse, especially in the Gulf Cooperation Council (GCC) countries. This book presents a clear picture of contemporary PR practice in this region, providing a background on the evolution of public relations in each GCC country. It shows how environmental factors (historical, cultural, socio-political, and economic) influence practice in the region. It also contributes to public relations scholarship, education, and practice worldwide by providing new perspectives to those unfamiliar with its practice in this region. This book will benefit scholars and practitioners alike through its informed analysis of the strengths and weaknesses of practice in the GCC countries, as well as being of great benefit to the development of professional practice in the region.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 60 pages File Size : 54,6 Mb Release : 1997-11-11 Category : Business & Economics ISBN : 1557757127
Financial Systems and Labor Markets in the Gulf Cooperation Council Countries by International Monetary Fund Pdf
This volume comprises two separate papers on key structural aspects of the reform process in the Gulf Cooperation Council countries. The first paper addresses issues related to financial intermediation and reform in the context of the evolving economic environment in the GCC countries. The second discusses the labor market challenges and policy issues in the GCC countries and their implications for the Middle East and North Africa (MENA) region.
Asianization of Migrant Workers in the Gulf Countries by S. Irudaya Rajan,Ginu Zacharia Oommen Pdf
This edited volume contains sixteen chapters by eminent scholars on one of the largest migration corridors in the world i.e., between South and South-East Asia and the Gulf region. Asia’s trade and cultural contact with the Gulf date back to ancient historical times. Since the 1970s, the economic rise of the Gulf Cooperation Council (GCC) countries owing to the discovery of oil has inspired a huge influx of migrant workers from Asia. At present, out of roughly 15 million expatriates in the Gulf region, Asians constitute around 12 million (80 percent). The chapters in this book look at migration from countries like India, Sri Lanka, Bangladesh, Pakistan, Indonesia and Philippines to the different GCC countries. A few chapters also focus on migration from the India state of Kerala- a state where migration to the Gulf is prominent and where remittances make up over 36 percent of the state GDP. Furthermore, the issues covered range from labour practices and policies, citizenship and state protection, human rights, gender and caste as well as diaspora. This book explores the multifaceted nuances of the ‘Asia-Gulf migratory corridor’ and unearths future prospects and strategic implications. The book examines remittance behaviour, changing gender roles of immigrants, social-spatial mobility, migrant policies, human rights, sense of belonging and identity and perception, and the interaction between nationals and non-nationals. The book will be of interest to researchers in the areas of demography, migration and gender studies as well as social science researchers, policy makers, human rights lawyers, civil society institutions working on migration, Gulf studies programmes and centres on South-Asian and Middle-Eastern studies.
