Times could not be better for the economies of Gulf Cooperation Council (GCC) member states on the back of notable economic growth rates, budgetary and current account surpluses. Undoubtedly, the credit largely goes to the positive effects of steady oil prices during the last several years.
Needless to say, the petroleum sector is of paramount significance to GCC economies by virtue of at least accounting of two thirds of the treasury income as well as exports in addition to one third of gross domestic product (GDP) for the six-nation grouping.
What’s more, a number of credible sources including the International Monetary Fund expect oil prices to remain in the neighbourhood of $100 (Dh367) per barrel in 2013. Clearly, this suggests continued ability of GCC countries of achieving exceptional performance for the years to come.
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