GCC economy will shrink to 1.5% this year, says StanChart

The GCC economy will slow significantly to 1.5 per cent this year before taking off to likely become the first to come out of the global crisis, says a new study by the Standard Chartered Bank.

The GCC has an impressive track record and a combined economy worth $1.1 trillion that also has the world's highest per capita GDP. Qatar, with nominal per capita GDP of $106,459, is the wealthiest country in the world on a per capita basis, according to the study.

"The region is dominated by Saudi Arabia, which makes up approximately 47 per cent of the GCC economy, followed by the UAE at 23 per cent, Kuwait at 14 per cent and Qatar at 10 per cent," said Marios Maratheftis, Regional Head of Research at the bank.