The Challenges of Economic Integration and Currency Unification by the GCC Countries PDF Download
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Author: Mubārak ibn Bakr Dawsarī
Publisher:
ISBN: 9786030115242
Category : Arabian Peninsula
Languages : en
Pages : 71
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Book Description
Author: Mubārak ibn Bakr Dawsarī
Publisher:
ISBN: 9786030115242
Category : Arabian Peninsula
Languages : en
Pages : 71
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Book Description
Author: Mohammad Althabity
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The proposed currency unification in the GCC region is believed by the GCC Council to be the solution to streamlining international trade in the region and improving the region's economy as a whole. However, there are possible problems that the region's economies could incur with the implementation of currency unification, both in the short term and the long term. This research paper used both qualitative and quantitative research methods to take a closer look at the plans to create a single GCC currency and what the ramifications of these plans could be. The results of the study showed that implementation of the plans could lead to political and economic obstacles both in the short term and the long term. One conclusion of the paper is that the formation of the currency union would lead to the loss of a country's sovereignty in relation to the control of its monetary policies and activities.
Author: Mr.Esteban Jadresic
Publisher: International Monetary Fund
ISBN: 1451969481
Category : Business & Economics
Languages : en
Pages : 27
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This paper assesses the eventual replacement of the currencies of the GCC countries with a common currency. It concludes that a properly implemented currency union may contribute to enhance economic efficiency in the region, deepen regional integration, and develop its non-oil economy. However, it cautions that a currency union should be seen as only one component of a much broader integration effort. This should include the removal of the distortions that inhibit intraregional trade and investment, agreements on policy frameworks to ensure macroeconomic stability, and further political integration. The paper also addresses the choice of exchange rate arrangement for the unified currency.
Author: World Bank
Publisher:
ISBN:
Category :
Languages : en
Pages :
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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. It also assesses the main challenges to further integration. The GCC is the most advanced example of sub regional integration in the MENA region, and its objectives are among the most ambitious in the developing world. It has evolved well beyond a focus on free trade in goods to embrace high levels of cross-national labor and capital mobility, and the progressive opening of many sectors within each economy to all member states. The GCC has made good progress on regional integration since its establishment in 1981. Integration efforts have gained considerable momentum following the ratification of the Unified economic agreement in 2001, the signing of the customs union agreement in 2003, and the adoption of the common market agreement in 2008. Under the customs union agreement, member countries have eliminated intraregional tariffs, unified external tariffs, and eased trade restrictions, bringing about a notable increase in the value of goods traded among member states.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1616354879
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
GCC policymakers moved quickly to mitigate the health and economic impacts of twin COVID-19 and oil price shocks. Infection rates have declined across the GCC to well below previous peaks, though countries have experienced successive waves of the virus, and economic recoveries have begun to take hold. Nevertheless, GCC policymakers must navigate a challenging and uncertain landscape. The pandemic continues to cloud the global outlook as countries are in different phases of recovery, with varied growth prospects and policy space
Author: Adda Guecioueur
Publisher: Westview Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 248
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Book Description
Author: Weltbank
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
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. It also assesses the main challenges to further integration. The GCC is the most advanced example of sub regional integration in the MENA region, and its objectives are among the most ambitious in the developing world. It has evolved well beyond a focus on free trade in goods to embrace high levels of cross-national labor and capital mobility, and the progressive opening of many sectors within each economy to all member states. The GCC has made good progress on regional integration since its establishment in 1981. Integration efforts have gained considerable momentum following the ratification of the Unified economic agreement in 2001, the signing of the customs union agreement in 2003, and the adoption of the common market agreement in 2008. Under the customs union agreement, member countries have eliminated intraregional tariffs, unified external tariffs, and eased trade restrictions, bringing about a notable increase in the value of goods traded among member states.
Author: Yahya Alyafai
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
In this report, I investigate the possibility of a monetary unification among the Arab States. The Gulf Cooperation Council (GCC) states that include Bahrain, Saudi Arabia, Qatar, UAE, Kuwait and Oman are coming together on the basis of common ethnicity, religion, culture, traditions, and monetary issues. This research will discuss different factors upon which the monetary unification and the birth of a new currency depend. For comparison to the Euro, I closely examined different factors such as inflation rates, exchange rates, trade, etc. over the past decade. As stated, this examination was done to see how these factors compare with those of the Euro region to determine if a similar monetary unification among the GCC states is possible. The target date for launching the new GCC currency was January 1, 2010; however that date has long passed. Although the above mentioned factors are favorable to currency unification of the GCC states, ample time is necessary to achieve such a herculean feat. After all, the Europeans did not achieve the unification of the Euro in one night. One hurdle to unification is that the GCC states still need to control the inflation rates in their own economies. Other economic factors, such as trade, have been favorable for all the GCC states, and all the states have been doing well in terms of the U.S. dollar (USD). Although unification may not have met the January 1, 2010 goal, the GCC will still be observing the economic factors and considering other possible scenarios. All the GCC countries vow to achieve this unification.
Author: Mr.Hamid R Davoodi
Publisher: International Monetary Fund
ISBN: 9781589062290
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
The Middle East and North Africa (MENA) is an economically diverse region. Despite undertaking economic reforms in many countries, and having considerable success in avoiding crises and achieving macroeconomic stability, the region’s economic performance in the past 30 years has been below potential. This paper takes stock of the region’s relatively weak performance, explores the reasons for this out come, and proposes an agenda for urgent reforms.
Author: Adham Al Said
Publisher:
ISBN:
Category : Commercial policy
Languages : en
Pages : 229
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Book Description
[Truncated abstract] Economic integration is a process through which a group of countries seek cooperation and standardisation in a wide range of policies. These policies affect both domestic and regional economies through the movement of goods, services, and factors of production. In some cases economic integration is of deeper form, such that supernational institutions are developed to achieve its objectives. Economic Integration takes a number of forms such as Free Trade Areas, Customs Union, Common Market, or a Monetary Union. Today the World Trade Organisation (WTO), originally The General Agreement on Tariff and Trade (GATT), dubs these agreements as Regional Trade Agreements (RTA). The post-war trading system has been marked with two conflicting forces, multilateralism and regionalism. The GATT, signed in 1947, formalised the Most Favoured Nation (MFN) approach in international trade according to which countries pass preferential trade policy equally to all trading partners. However, within the multilateral trade liberalisation framework, concessions were given for restricted MFN based agreements. Article XXIV of the original GATT Agreement allowed certain types of trade agreements within a subset of countries that may be discriminatory in nature. These agreements became known as Preferential Trade Agreements or PTAs. The 21st century has experienced a substantial increase in the number of RTAs. A great number of these RTAs involve more than two countries. This phenomenon has become to be known as New Regionalism. The underlying motives for creating RTAs shifted substantially from the traditional view of trade liberalisation. The implications of these RTAs have become more significant as deeper integration is sought for purposes of development. The importance of RTAs is stressed further where developing countries are becoming more involved in the process. These agreements are part of the international trading system today and they are here to stay. This thesis analyses the rationale for the creation of RTAs and their potential effects on the countries involved. It is concerned with measuring the effectiveness of these RTAs using a barometer made up of three components, trade, incomes and growth, and prices. This is applied to a specific RTA, the Gulf Cooperation Council (GCC); a group of six major oil producing developing countries. Since the 1980s, the GCC countries, located on the Persian Gulf, have been and are undergoing a long-term economic integration process. This project involves creating a Free Trade Area, Customs Union, Common Market, and a Monetary Union. After a long period of slow paced economic integration, the GCC has recently invigorated the process. Currently, its progress is at the Common Market stage of integration. The GCC aims to achieve a monetary union within the foreseeable future but faces a number of challenges to the achievement of this goal. The GCC provides a unique economic integration experience and there are many factors that make it a likely candidate for overall success. This thesis provides an economic analysis of the experience thus far...
