The primary growth driver for the economies of GCC countries is diversification and oil reserves. The swiftly growing trade and investment links of Gulf countries with other economies indicate positive sentiments in the market. The continued corporate expansion and economic liberalization of these countries- Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, the Sultanate of Oman, and the Republic of Yemen- are instrumental in their fast paced growth.
As per estimates, GCC economies are expected to grow by more than 3% this year and will cross 4% next year. It has been able to emerge from the global economic meltdown quite well in contrast to the Western economies. The lives of Gulf countries rest with fluctuation in oil prices as it can bring both the boost and the setback to their economies. But diversification has helped corporate sector in developing steadfastly ultimately fostering consumer wealth. Huge untapped opportunities await exploration in the Gulf region so as to stimulate creation of jobs, products and expertise.
The investors have started eyeing Gulf markets again reinforcing the resilience of its economy. The investment market is at its best across various segments and promises great returns in future. It is believed that over a million jobs are to be generated in every Gulf country by the year end across different industries. The private sectors are to be benefited hugely when development comes in full swing in the coming times.
Even as all Gulf countries are open to outsiders both in business and service areas as well as government and private sectors, Saudi Arabia seems to differ. It is a comparatively closed economy that aims at developing skills, education and capital of its natives. It would then involve them in its economic development while it diversifies and increase the opportunities.
No comments:
Post a Comment