GDP growth is projected to be 0.6% in the region in 2019, a fraction of what is needed to create enough jobs for the fast-growing working-age population in the Middle East and North Africa region. The formation of human capital—the knowledge, skills, and health that people accumulate over their lifetimes—is critical for the six Gulf Cooperation Council (GCC) countries. The World Bank and the Gulf Cooperation Council (GCC) countries have been strong partners for over five decades. Supporting development efforts in the GCC has contributed to the Bank’s global experience in addressing development challenges in high and middle-income countries, thus helping to deliver global public goods. The World Bank Group works in every major area of development. The report outlines a new framework with a three-pronged approach. GDP growth is projected to be 0.6% in the region in 2019, a fraction of what is needed to create enough jobs for the fast-growing working-age population in the Middle East and North Africa region. The Gulf Cooperation Council region (GCC), consisting of Saudi Arabia, Oman, Qatar, Bahrain, Kuwait and the United Arab Emirates (UAE), have a wide range of traditional banks catering to the needs of their customers – both in the region and beyond. The wider Middle East and North Africa region may face a slower growth of 3.6 per cent as the soaring fuel and commodity prices stoke inflation. Capital buffers and liquidity are expected to remain stable and adequate for the risks. Published. Teams from around the world participated in a competition to develop everyday solutions related to the COVID-19 crisis in MENA. For those who are new to the Middle East and the Arabian Gulf region, when first conducting business or research the term “GCC” will for sure come up. HE Dr. Nayef Falah Mubarak Al-Hajraf, Secretary General of the Gulf Cooperation Council held a video conference on Thursday, 9 April 2020 with Senior Officials of the International Monetary Fund and the World Bank to discuss the economic implications of the emerging coronavirus (COVID-19) pandemic on the global economy and the GCC States. Human capital contributes not only to human development and employment but also to the long-term sustainability of a diversified economic growth model that is knowledge based and private sector driven. 41st Gulf Cooperation Council (GCC) summit was attended by the leaders and representatives of the member nations including the UAE, Qatar, Kuwait, Oman and Bahrain. Author(s) World Bank Group. The region overall has a strong and very active banking sector. The authors would like to thank Erik Download. Fitch’s Sector Outlook: Stable The 2021 sector outlook for Gulf Cooperation Council (GCC) Islamic banks is stable, reflecting a modest expected economic recovery. The combination of a COVID-19 pandemic and a collapse in oil prices has affected all aspects of the economies in the MENA region. In the Arabian Gulf, the Gulf Cooperation Council (GCC) are home to some of the largest banks in the entire Middle East and Africa (MEA) region. Gulf Cooperation Council (GCC) Bank. NewsNow aims to be the world’s most accurate and comprehensive GCC news aggregator, bringing you the latest headlines automatically and continuously 24/7. World Bank country overview; Oman … FY2018 Gulf Cooperation Council Countries Country Opinion Survey Report. The World Bank has been a strong partner to the Gulf Cooperation Council countries for over 50 years. Cooperation Council for the Arab States of the Gulf [GCC] - Reimbursable Technical Cooperation - Study on Strategic Food Reserves - Loan Committee Project File Date(s) 1984-01-12 - 1984-02-07 (Creation) Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Human capital contributes not only to human development and employment but also to the long-term sustainability of a diversified economic growth model that is knowledge based and private sector driven. World Bank Regional Director for the Gulf Cooperation Council (GCC) Twitter RSS This page in: English. The World Bank’s biennial Poverty and Shared Prosperity report finds that the rate of extreme poverty in the MENA region rose from 3.8% in 2015 to 7.2% in 2018 — the latest year for which data is available. The report outlines a new framework with a three-pronged approach. Founded in 1981, the Gulf Cooperation Council (or commonly known by its acronym the ‘GCC’) is a political and economic alliance. This study discusses the status of economic integration of the six Gulf Cooperation Council (GCC) countries among themselves, with the larger Middle East and North Africa (MENA) region and globally.
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