Economic developments of GCC countries: An overview

The six countries of the Gulf Co-operation Council-GCC (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE) are enjoying a spectacular economic boom-one that we expect to continue over the medium term. The GCC economy was set to surge past $1 trillion in nominal terms in 2008, marking a three-fold increase in only five years. This will push the GCC economy past that of South Korea and put it on par with India. The contribution of the non-oil sector has been more vigorous and more stable, and has been the engine of the current boom. This article attempts to analyze the economic development of GCC countries in terms of economic & financial indicators and crude oil production.