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GCC'S ECONOMIC INDICATORS
Finance & Accounting
Pages 6 (1506 words)
1. Introduction The aim of this study is to provide an updated overview regarding the Gulf Cooperation Council (GCC). In order to do so, variety of economic indicators were taken into consideration to provide significant insights for the past 10 years until 2012.
The aim of this council was to promote coordination and cooperation among the member countries in all aspects of life to enhance harmony and unity. The countries that are member of this council are as follows: Saudi Arabia Kuwait Bahrain Qatar United Arab Emirates Sultanate of Oman (Sheikh Mohammed, 2012) GCC being an oil-based region is provided with several opportunities to enhance its profit ratio and to play an essential and pivotal role in providing the world with oil. With the largest crude oil reserves in GCC (486.6 billion barrels), the member countries play the leading role in the world. In addition, GCC is the largest producer and exporter of petroleum due to which the region enjoyed fascinating and spectacular economic boom from the year 2002 to 2008 (The Economist Intelligence, 2011). The dominant role of the GCC countries in the world provided the region with an opportunity to increase the economy to $1.1 trillion (triple in size) during the same years. GCC region is the largest producer and exporter of oil and petroleum due to which the GCC countries account for almost 52 percent of the total OPEC oil reserves. 3. GDP Growth Rate The growth rate of the GCC region relies highly on the production and export of oil and petroleum to countries across the globe. The GDP growth rate of the GCC has been fascinating and outstanding from 2002-2008 and even after 2012 (IMF, 2012). ...
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