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Gulf Cooperation Council (GCC'S). Economic Indicators. - Article Example
The term GCC stands for Gulf Cooperation Council, which was founded on 26th May, 1981. 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
• 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 $1.1 trillion (triple in size) during the same years. GCC region is the largest producer and exporter of oil and petroleum due to which the GCC countries account for almost 52 percent of the total OPEC oil reserves.
3. GDP GROWTH RATE
The growth rate of the GCC region relies highly on the production and export of oil and petroleum to countries across the globe. The GDP growth rate of the GCC has been fascinating and outstanding from 2002-2008 and even after 2012 (IMF, 2012). Throughout 2002 to 2008 the region was provided with an opportunity to increase its economy threefold (Fox, 2011). The GCC countries enhanced its GDP from 400,000 (Mn US$) in the year 2003 to more than 1,100,000 (Mn US$) in the year 2008. ...