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FINANCIAL NEWS
GCC countries to increase economy by USD 36bn
22 Mar 2016
(MENAFN) GCC states have to accelerate the creation of growth drivers that don’t rely on oil revenues, if the GCC to become one single market instead of six separates.
Moreover, if it will grow at an annual rate of 3.2 percent for the 15 coming years, it could become the sixth largest economy in the world by 2030.
Accordingly, the countries are exploring options and taking decisions like opening up to foreign investors, ending subsidies, introducing taxation and cutting jobs.
The benefits will spread through all six countries, with the strongest gains in the UAE, KSA, Bahrain and Oman, with increase in GDP between 3.5 and 4.1 percent.
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