This IMF paper argues that to monitor convergence and support economic and monetary policy, collating comparable economic data for GCC states and data for the region as a whole will be essential.
ECB "Regional Monetary Integration in the GCC" - 2005
This paper focuses on selected macroeconomic and institutional issues and key policy choices which are likely to arise during the process of monetary integration.
Oman's decision to pull out of the GCC single currency plan has all but scuppered the project's chances of hitting its 2010 deadline. To some, this is a relief ... read more
Single Currency at a Crossroads
Oman's decision to opt out of the GCC currency union was undoubtedly a political setback, but Kuwait's unilateral decision to revert back to an undisclosed basket peg represents a potentially far more complicated technical obstacle ... read more
Gulf monetary union is a cracking project?
Oman's decision to separate from the 2010 GCC Currency Union project is indicative of pressures ... read more
An inconvenient truth
A historical analysis of GCC economic performance reveals little evidence of any economic convergence taking place ... read more
The Gulf Cooperation Council (GCC)
Created on May 25, 1981, the Council comprises the Gulf states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The unified economic agreement between the countries of the Gulf Cooperation Council was signed on 11 November 1981 in Riyadh.
This economic bloc has some of the fastest growing economies in the world, mostly due to a boom in oil and natural gas revenues coupled with a building and investment boom backed by decades of saved petroleum revenues. In an effort to build a tax base and economic foundation before the reserves run out, the UAE's investment arms, including Abu Dhabi Investment Authority, retain over $900 billion in assets. Other regional funds also have several hundred billion dollars.
In 2006, the GCC's Gross Domestic Product was estimated to be $717.8 billion dollars (IMF, Apr. 2007 - Current Prices), led by spectacular growth in United Arab Emirates and Qatar. Qatar is expected to overtake top ranked Luxembourg in GDP (nominal) per capita next year for the world's top spot.
