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The last financial crisis 2007-2009
Finance & Accounting
Pages 12 (3012 words)
Impact of the Financial Crisis of 2007-2009 on the Gulf Area Name Course Instructor Date Abstract This paper aims at examining the impact of the global financial crisis of 2007-2009 on the countries in the Gulf Areas, universally referred to as the Gulf Cooperation Council (GCC)…
The economic crisis was associated with great losses of financial wealth, economic output, increased government interventions, psychological consequences among other significant costs. This paper will assess the extent to which the Qatar and other countries in the Gulf Cooperation Council were affected by the financial crisis. Impact of the Financial Crisis of 2007-2009 on the Gulf Area Introduction This paper aims at studying the impact of the global financial crisis of 2007-2009 on the countries in the Gulf Cooperation Council (GCC), or the Gulf Area. The Gulf Area is an economic and political Union of Arab states around the Persian Gulf including Kuwait, Bahrain, Saudi Arabia, Oman, The United Arab emirates and Qatar. The cooperation was established in 1981 to foster unity and trade and cooperation among the member states. The Gulf Area consists of the fastest growing economies mostly due to the revenues gotten from huge deposits of natural resources such as oil and natural gas. This paper will largely be based on the impact of the global financial crisis on the economy of Qatar with some examples drawn from the other countries in the Gulf area. Petroleum is the backbone of Qatar’s economy and accounts for about 70% of the countries revenues (Read, 2009). ...
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