Gulf Cooperation Council: Pursuing Visions Amid Geopolitical Turbulence: Economic Prospects and Policy Challenges for the GCC Countries

International Monetary Fund

No 2024/066, IMF Policy Papers from International Monetary Fund

Abstract: The Gulf Cooperation Council countries have successfully weathered recent turbulence in the Middle East, and their economic prospects remain favorable. Nonhydrocarbon activity has been strong amid reform implementation, although overall growth has decelerated due to cuts in oil production. The growth outlook is positive, as the envisaged easing of oil production cuts and natural gas expansion spur the recovery in the hydrocarbon sector, while the nonhydrocarbon economy continues to expand. External buffers remain comfortable despite current account balances having narrowed. Risks around the outlook are broadly balanced in the near term. More challenging medium-term risks, especially in the context of geoeconomic fragmentation and climate change, call for action on policy priorities to continue to strengthen the private sector and to diversify the economy.

Keywords: economic diversification; financial stability; fiscal sustainability; GCC; productivity improvements; regional integration; GCC country; policy priority; B. GCC; GCC well; GCC public sector balance sheet; Labor markets; Fiscal rules; Total factor productivity; Global; Middle East; Middle East and Central Asia (search for similar items in EconPapers)
Pages: 74
Date: 2024-12-19
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