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

GCC policymakers have managed to quickly mitigate the economic impact of the twin COVID-19 and oil price shock.
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Volume/Issue: Volume 2022 Issue 052
Publication date: November 2022
ISBN: 9798400226670
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Money and Monetary Policy , Political Economy , inflation dynamics , diversification Index , food CPI weight , Oil prices , Financial conditions index , Global

Summary

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.