A scorecard of GCC economic integration: Integrating, not integrated - bi-me.com

As the GCC approaches its 30th birthday, the economic integration of the six member countries has not progressed as much as had been expected, a new study from Booz & Company reveals.

“The region has shown admirable growth in the past decade, yet that growth represents the efforts of six individual states, rather than a coherent and aligned group operating as an integrated economic entity,” said Richard Shediac, Senior Partner, Booz & Company. “More comprehensive integration has the potential to boost the region’s economy much as it did for the EU. In short, there is an opportunity cost to not integrating further.”

Booz & Company evaluated the region’s level of economic integration based on five core dimensions: the monetary union, customs and borders, intra-regional investment, joint infrastructure and knowledge cooperation. These five criteria were selected to highlight areas that GCC members declared to be priority, and in which action has already been taken, with ratings determined based on the following:

1 = Major setback to the goal or stagnation of process
2 = Minimal progress toward goal since last action
3 = Some indication of effort and progress toward the goal
4 = Substantial momentum generated toward the goal
5 = Accomplishment or near completion of the goal.

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