Gulf economies have more in common with the US, Europe and Asia than with each other, raising their vulnerability to shocks and threatening efforts to diversify, an IMF report has warned.
Poor integration in the region reflected low trade and financial flows between states, the IMF said in the report released yesterday.
"The GCC countries need to expand and deepen economic diversification and become more complementary in intra-regional trade and financial flows," Serhan Cevik, an IMF economist, wrote in the report.
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