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GCC could Become the World’s Sixth Largest Economy by 2030

Source: Times of Oman 3/21/2016, Location: Middle East

Gulf Cooperation Council (GCC) could become the sixth largest economy in the world by 2030, hovering just below Japan, if is able to keep growing at an annual average of 3.2 per cent for the next 15 years, according to Ernst & Young (EY).

If the GCC were to become one single market instead of six separate ones today, it would be the ninth largest economy in the world today – similar in size to Canada and Russia and not far from India, the EY’s latest report revealed.

“The GCC governments are facing a decisive moment. With oil price falling, they have to accelerate the creation of growth drivers that do not rely on oil revenues. They are now exploring options and taking decisions such as opening up to foreign investors, ending subsidies, introducing taxation, optimising costs and cutting jobs in the public sector. There are signs that serious change has begun, Gerard Gallagher, Mena advisory leader, EY, said.

“However, these reforms could be less disruptive and more effective as part of a wider push towards rekindling and modernising the drive towards a single GCC market. That would bring the benefits of scale and efficiency to the diversification drive, and strengthen the most productive parts of the private sector by introducing more competition and more jobs,” Gallagher added.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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