Gulf Cooperation Council Gcc Economic Prospects And Policy Challenges For The Gcc Countries

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Gulf Cooperation Council

International Monetary Fund. Middle East and Central Asia Dept.
Gulf Cooperation Council Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 53 pages
File Size : 53,5 Mb
Release : 2022-11-29
Category : Business & Economics
ISBN : 9798400226670

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Gulf Cooperation Council by International Monetary Fund. Middle East and Central Asia Dept. Pdf

GCC policymakers have managed to quickly mitigate the economic impact of the twin COVID-19 and oil price shock. Commodity prices have surged, and the outlook is more positive for GCC countries, with new challenges linked to Russia’s invasion of Ukraine and tighter global financial conditions expected to have a limited impact on GCC economies. While GCC countries have overall benefited from higher, albeit volatile hydrocarbon prices, numerous risks still cloud the outlook—notably a slowdown in the global economy. In this context, the reform momentum established during the low oil price years should be maintained—irrespective of the level of hydrocarbon prices.

Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries

International Monetary Fund
Gulf Cooperation Council GCC Economic Prospects and Policy Challenges for the GCC Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 28 pages
File Size : 41,6 Mb
Release : 2013-11-13
Category : Business & Economics
ISBN : 9781498341134

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Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries by International Monetary Fund Pdf

The global and regional economic environment remains challenging. Global growth remains tepid, and although some pick-up is expected, risks are tilted to the downside. Recent volatility in financial markets is having a significant impact on some large emerging markets, highlighting the challenges that will be faced in unwinding the Federal Reserve’s quantitative easing policy. Geopolitical uncertainties in the Middle East are also high.

Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries

International Monetary Fund. Middle East and Central Asia Dept.
Gulf Cooperation Council Economic Prospects and Policy Challenges for the GCC Countries Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 74 pages
File Size : 52,8 Mb
Release : 2023-12-14
Category : Business & Economics
ISBN : 9798400263279

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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.

Gulf Cooperation Council

International Monetary Fund
Gulf Cooperation Council Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 28 pages
File Size : 52,8 Mb
Release : 2017-12-14
Category : Business & Economics
ISBN : 9781498346191

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Gulf Cooperation Council by International Monetary Fund Pdf

Global economic activity is gaining momentum. Global growth is forecast at 3.6 percent this year, and 3.7 percent in 2018, compared to 3.2 percent in 2016. Risks around this forecast are broadly balanced in the near term, but are skewed to the downside over the medium term. The more positive global growth environment should support somewhat stronger oil demand. With inflation in advanced countries remaining subdued, monetary policy is expected to remain accommodative. GCC countries are continuing to adjust to lower oil prices. Substantial fiscal consolidation has taken place in most countries, mainly focused on expenditure reduction. This is necessary, but it has weakened non-oil growth. With the pace of fiscal consolidation set to slow, non-oil growth is expected to increase to 2.6 percent this year, from 1.8 percent last year. However, because of lower oil output, overall real GDP growth is projected to slow to 0.5 percent in 2017 from 2.2 percent in 2016. Growth prospects in the medium-term remain subdued amid relatively low oil prices and geopolitical risks. Policymakers have made a strong start in adjusting fiscal policy. While the needed pace of fiscal adjustment varies across countries depending on the fiscal space available, in general countries should continue to focus on recurrent expenditure rationalization, further energy price reforms, increased non-oil revenues, and improved efficiency of capital spending. Fiscal consolidation should be accompanied by a further improvement in fiscal frameworks and institutions. The direction of fiscal policy in the GCC is broadly consistent with these recommendations. Policies should continue to be geared toward managing evolving liquidity situations in the banking system and supporting the private sector’s access to funding. While countries have made progress in enhancing their financial policy frameworks, strengthening liquidity forecasting and developing liquidity management instruments will help banks adjust to a tighter liquidity environment. Banks generally remain profitable, well capitalized, and liquid, but with growth expected to remain relatively weak, the monitoring of financial sector vulnerabilities should continue to be enhanced. Diversification and private sector development will be needed to offset lower government spending and ensure stronger, sustainable, and inclusive growth. This will require stepped-up reforms to improve the business climate and reduce the role of the public sector in the economy through privatization and PPPs. Reforms are needed to increase the incentives for nationals to work in the private sector and for private sector firms to hire them. Increasing female participation in the labor market and employment would benefit productivity and growth across the region. Where fiscal space is available, fiscal policy can be used to support the structural reforms needed to boost private sector growth and employment.

Economic Prospects and Policy Challenges for the GCC Countries

International Monetary Fund. Middle East and Central Asia Dept.
Economic Prospects and Policy Challenges for the GCC Countries Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : INTERNATIONAL MONETARY FUND
Page : 37 pages
File Size : 44,7 Mb
Release : 2020-12-10
Category : Business & Economics
ISBN : 1513563572

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Economic Prospects and Policy Challenges for the GCC Countries by International Monetary Fund. Middle East and Central Asia Dept. Pdf

The COVID-19 pandemic is having far-reaching consequences for the global economy. Measures to contain the spread of the virus have led to sharp declines in economic activity across the globe, particularly in 2020Q2. The hardest hit sectors have been those requiring intensive human contact, such as tourism, transportation, services, and construction, while, in general, IT-intensive activities have fared better. The economic contraction is most significant in advanced economies. The GCC countries face a double impact from the coronavirus and lower oil prices. GCC authorities have implemented a range of appropriate measures to mitigate the economic damage, including fiscal packages, relaxation of monetary and macroprudential rules, and the injection of liquidity into the banking system, and there are recent signs of improvement. Low oil prices have caused a sharp deterioration of external and fiscal balances, and fiscal strains are evident in countries with higher debt levels.

Economic Prospects and Policy Challenges for the GCC Countries - 2021

International Monetary Fund
Economic Prospects and Policy Challenges for the GCC Countries 2021 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 39 pages
File Size : 51,6 Mb
Release : 2021-12-15
Category : Business & Economics
ISBN : 9781616354879

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Economic Prospects and Policy Challenges for the GCC Countries - 2021 by International Monetary Fund Pdf

GCC policymakers moved quickly to mitigate the health and economic impacts of twin COVID-19 and oil price shocks. Infection rates have declined across the GCC to well below previous peaks, though countries have experienced successive waves of the virus, and economic recoveries have begun to take hold. Nevertheless, GCC policymakers must navigate a challenging and uncertain landscape. The pandemic continues to cloud the global outlook as countries are in different phases of recovery, with varied growth prospects and policy space

Policy Challenges in the Gulf Cooperation Council Countries

International Monetary Fund
Policy Challenges in the Gulf Cooperation Council Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 44 pages
File Size : 45,5 Mb
Release : 1996-05-23
Category : Business & Economics
ISBN : 1557755825

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Policy Challenges in the Gulf Cooperation Council Countries by International Monetary Fund Pdf

The Gulf Cooperation Council (GCC) countries face important policy challenges and opportunities. This paper covers the economic developments and policies since 1980; the impact of the GCC's external environment; the medium-term economic prospects; the broad outlines of a common adjustment and reform strategy, and the implications of adjustment in the GCC countries on the rest of the Middle East and North Africa region.

Policy Challenges in the Gulf Cooperation Council Countries

International Monetary Fund
Policy Challenges in the Gulf Cooperation Council Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 39 pages
File Size : 41,8 Mb
Release : 1996-05-23
Category : Business & Economics
ISBN : 9781455278985

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Policy Challenges in the Gulf Cooperation Council Countries by International Monetary Fund Pdf

The Gulf Cooperation Council (GCC) countries face important policy challenges and opportunities. This paper covers the economic developments and policies since 1980; the impact of the GCC's external environment; the medium-term economic prospects; the broad outlines of a common adjustment and reform strategy, and the implications of adjustment in the GCC countries on the rest of the Middle East and North Africa region.

Economic Development in the Gulf Cooperation Council Countries

Héla Miniaoui
Economic Development in the Gulf Cooperation Council Countries Book PDF

Author : Héla Miniaoui
Publisher : Springer Nature
Page : 217 pages
File Size : 48,5 Mb
Release : 2020-10-26
Category : Political Science
ISBN : 9789811560583

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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.

The GCC Economies

Mohamed A. Ramady
The GCC Economies Book PDF

Author : Mohamed A. Ramady
Publisher : Springer Science & Business Media
Page : 360 pages
File Size : 54,8 Mb
Release : 2012-04-23
Category : Political Science
ISBN : 9781461416111

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The GCC Economies by Mohamed A. Ramady Pdf

The ‘Arab Spring’ of 2011 has affected the countries of the region to varying degrees, including the Gulf Cooperation Council (GCC) members, comprising Saudi Arabia, Kuwait, Qatar, the United Arab Emirates, Oman and Bahrain. 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. A new Gulf is rising, one that is more self assertive, looking to expand its membership to other Arab countries such as Jordan and Morocco, while at the same time strengthening the bloc’s relationship with current and emerging trading and strategic partners in Europe, USA and Asia. Regional and international realities, especially the uncertainties unleashed by the ‘Arab Spring’, are forcing Gulf leadership to initiate new policies involving closer cooperation amongst GCC countries to address emerging challenges. This volume brings together thirty renowned academics and specialists to examine a range of multifaceted social, political and economic issues facing the GCC in key areas such as: · Diversification from a high dependency on a narrow hydrocarbon base · Social transformation, youth employment and effective gender participation · Outward and inward foreign direct investment flows · Prospects for education reforms and e-learning. · Sustainable security in oil, renewable energy (including nuclear) and food · Corporate governance, transparency and enhancing the private sector's operating environment · The role and governance of Gulf Sovereign Wealth Funds in investing their surpluses. The volume also offers insights for challenges facing the GCC in monetary union, expanding the regional debt market and Sukuk issuance, GCC intellectual property rights application, detailed assessments of individual GCC country risk analysis, as well as the sustainability of long term government fiscal stimulus programs at the expense of private sector involvement.

Fostering Human Capital in the Gulf Cooperation Council Countries

Sameh El-Saharty,Igor Kheyfets,Christopher Herbst,Mohamed Ihsan Ajwad
Fostering Human Capital in the Gulf Cooperation Council Countries Book PDF

Author : Sameh El-Saharty,Igor Kheyfets,Christopher Herbst,Mohamed Ihsan Ajwad
Publisher : World Bank Publications
Page : 127 pages
File Size : 54,5 Mb
Release : 2020-07-08
Category : Business & Economics
ISBN : 9781464815829

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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.

The GCC Economies

Mohamed A. Ramady
The GCC Economies Book PDF

Author : Mohamed A. Ramady
Publisher : Springer
Page : 324 pages
File Size : 51,8 Mb
Release : 2012-04-26
Category : Political Science
ISBN : 1461416124

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The GCC Economies by Mohamed A. Ramady Pdf

The ‘Arab Spring’ of 2011 has affected the countries of the region to varying degrees, including the Gulf Cooperation Council (GCC) members, comprising Saudi Arabia, Kuwait, Qatar, the United Arab Emirates, Oman and Bahrain. 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. A new Gulf is rising, one that is more self assertive, looking to expand its membership to other Arab countries such as Jordan and Morocco, while at the same time strengthening the bloc’s relationship with current and emerging trading and strategic partners in Europe, USA and Asia. Regional and international realities, especially the uncertainties unleashed by the ‘Arab Spring’, are forcing Gulf leadership to initiate new policies involving closer cooperation amongst GCC countries to address emerging challenges. This volume brings together thirty renowned academics and specialists to examine a range of multifaceted social, political and economic issues facing the GCC in key areas such as: · Diversification from a high dependency on a narrow hydrocarbon base · Social transformation, youth employment and effective gender participation · Outward and inward foreign direct investment flows · Prospects for education reforms and e-learning. · Sustainable security in oil, renewable energy (including nuclear) and food · Corporate governance, transparency and enhancing the private sector's operating environment · The role and governance of Gulf Sovereign Wealth Funds in investing their surpluses. The volume also offers insights for challenges facing the GCC in monetary union, expanding the regional debt market and Sukuk issuance, GCC intellectual property rights application, detailed assessments of individual GCC country risk analysis, as well as the sustainability of long term government fiscal stimulus programs at the expense of private sector involvement.

The Gulf Cooperation Council at Forty

Tarik M. Yousef,Adel Abdel Ghafar
The Gulf Cooperation Council at Forty Book PDF

Author : Tarik M. Yousef,Adel Abdel Ghafar
Publisher : Brookings Institution Press
Page : 312 pages
File Size : 41,5 Mb
Release : 2023-02-22
Category : Political Science
ISBN : 9780815739548

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The Gulf Cooperation Council at Forty by Tarik M. Yousef,Adel Abdel Ghafar Pdf

All of the GCC countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—are undergoing historic socio-economic transitions. They are facing enormous strains on public finances and challenging economic outlooks, due to fluctuating oil prices, demographic pressures, high unemployment rates, and a lack of economic diversification. These countries also are likely to feel the rising impact of climate change, and global policies to deal with it, over the coming decades. In addition, seemingly unstoppable shifts in the long-standing international order, notably the rise of China and uncertainties about U.S. leadership, have potentially serious implications for the Middle East and beyond. This by noted scholars and experts considers the key trends shaping Gulf Cooperation Council (GCC) countries--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirate-- ranging from the COVID-19 pandemic, to climate change, economic disruptions, demographics and other domestic concerns, and shifts in the global order. The book’s chapters address such questions as: How will global megatrends impact the GCC? How can GCC states adjust and diversify their economies to meet the dual challenges of fluctuating oil prices and climate change? How can these states adjust their labor markets to absorb and support women and youth? How will inter GCC disagreements impact the region moving forward? And how will GCC relations with international actors shift in the coming years? This timely book, with its comprehensive analyses and policy recommendations, will be of interest to a wide range of readers interested in the GCC region, including policymakers, academics, and researchers at think tanks and nongovernmental organizations.

The Gulf Cooperation Council

Emile Nakhleh
The Gulf Cooperation Council Book PDF

Author : Emile Nakhleh
Publisher : Praeger
Page : 160 pages
File Size : 46,7 Mb
Release : 1986-06-06
Category : Education
ISBN : UOM:39015011535385

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The Gulf Cooperation Council by Emile Nakhleh Pdf

In May 1981 Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, and Oman established the Gulf Cooperation Council (GCC) to facilitate cooperation, settle disputes, and strengthen security. This is the first English-language book to describe the GCC and assess its impact on the security and stability of the Gulf. It addresses four specific aspects of the GCC: a description of the basic charter and the United Economic Agreement; its structure and the policy of summitry; its achievements and the challenges before it; and the official, popular, and reformist views of its proper role.

Impact of the Global Financial Crisis on the Gulf Cooperation Council Countries and Challenges Ahead

Ms.May Y Khamis,Mr.Abdelhak S Senhadji
Impact of the Global Financial Crisis on the Gulf Cooperation Council Countries and Challenges Ahead Book PDF

Author : Ms.May Y Khamis,Mr.Abdelhak S Senhadji
Publisher : International Monetary Fund
Page : 28 pages
File Size : 54,8 Mb
Release : 2010-07-21
Category : Business & Economics
ISBN : 9781589065109

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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.