The Gulf private sector urged regional countries yesterday to launch a comprehensive economic rescue package in response to the global financial crisis, which, it said, has severely hit the oil-rich region.
Although the six Gulf Cooperation Council (GCC) nations, which control over 45 per cent of the world's proven oil wealth, have taken some measures to support banks and other sectors, they still need to adopt a more comprehensive economic and financial stimulant programme, the Federation of the GCC Chambers of Commerce and Industry said.
In a study obtained by Emirates Business, the Dammam-based group said the global financial turmoil had hit the GCC in many ways as it sharply depressed oil prices, stifled capital inflow, curbed demand for industrial and construction products, and hampered growth in 2009.
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