Effect of the Structural Changes on Economies of the Gulf Countries Council (GCC) in Developing Internal Trade
Volume 35, Issue 111, Pages 187-209
AbstractThe GCC was founded in (1981) due to special shared common criteria and principles among countries of Council. Thus, the Gulf countries focused their efforts on achieving the comprehensive economic union. These countries were able to hold customs union area and set unified custom tariff towards the external world. The Gulf Countries Council has realized the importance of the economic variety and making structural Changes in the body of Gulf economy by lessening dependence on the crude oil which will be depleted in some time in the future and developing productivity sectors, especially, the manufacturing industries. Oil however is still occupying big importance in economies of Gulf Countries Council in supplying the economic development programs. Thus, oil constituted about (61.6%) of the gross domestic product in (2008). Besides, the crude oil export constitutes the biggest part of the gross exports. In addition, the oil revenues ranged between (67.2%- 92.2%) of the gross revenues. Full dependence on the crude oil, structure imbalances and similarities of Gulf States led to weakness in size of internal trade that not exceeded (7.6%) in (2006). 2006.
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