GCC Secretary General: Member States Have Proven Their Ability to Handle Crises and Maintain Economic Stability
GCC Secretary General Jassem Al-Budaiwi affirmed the stability of member states' economies and their ability to face challenges during the Financial and Economic Committee meeting in Manama.
Translated by Qiyas from كونا — Original source
Manama, January 1 (KUNA) -- Secretary-General of the Gulf Cooperation Council (GCC) Jassem Al-Bedaiwi affirmed today that the GCC member states have demonstrated their ability to handle various crises and exceptional circumstances with efficiency and competence, while maintaining the robustness of their economies. This statement was made during Al-Bedaiwi’s address at the 126th meeting of the GCC Financial and Economic Cooperation Committee, held in Manama under the chairmanship of Bahrain’s Minister of Finance and National Economy, Sheikh Salman bin Khalifa Al Khalifa, and attended by the finance and economic ministers of the GCC member states.
He stated that the Gulf countries continued to work on enhancing financial sustainability and efficiency, developing financial risk management tools, improving public spending efficiency, and diversifying revenue sources, thereby strengthening their capacity to preserve their economic gains and provide the necessary flexibility to cope with future changes.
He pointed out that the meeting takes place at a critical juncture, amid rapid geopolitical developments in the region, accompanied by market volatility, challenges in trade and investment flows and supply chains, and growing uncertainty regarding global economic prospects.
He clarified that, given the close ties between the GCC economies and the global economy, these developments underscore the importance of continuing to enhance preparedness and the ability to address various challenges, mitigating their impact on the GCC economies to preserve financial and economic stability and sustainable growth.
In this context, he noted that “the GCC member states have proven, by the grace of God and through the wisdom of their leaders, may God protect and safeguard them, and their strategic vision, their ability to handle various crises and exceptional circumstances with efficiency and competence, and to maintain the robustness of their economies. This is based on effective fiscal and economic policies, strong financial positions, ambitious economic diversification programs, and advanced frameworks for coordination and joint cooperation.”
He emphasized that recent developments have confirmed the importance of building on these achievements and enhancing coordination among the fiscal and economic policies of the GCC member states. This would raise their capacity to respond to changes and external shocks, provide greater scope for joint action when needed, and simultaneously maintain the sustainability of public finances and continue supporting growth and development.
He said, “The economic and financial progress achieved by the GCC member states in recent periods provides a strong foundation for continuing the path of Gulf economic integration. However, the nature of the current stage requires us to accelerate efforts in several priority areas, foremost among them completing the requirements of the customs union and the common Gulf market, enhancing the flow of trade and investment among the GCC member states, and strengthening the financial and investment environment.”
During his speech, he also highlighted several indicators reflecting the robustness of the GCC economies. The GCC’s gross domestic product (GDP) reached approximately $2.4 trillion, placing the bloc collectively among the world’s ten largest economies. Non-oil activities accounted for about 79 percent of GDP, reflecting continuous progress in economic diversification. The net foreign assets of the Gulf central banks stood at approximately $829 billion as of June 2026, covering roughly 11 months of the GCC’s imports.
He added that the GCC member states also maintained stable inflation levels, with the regional average reaching about 2.1 percent in May 2026, despite current economic challenges. This rate is lower than the averages of major economic blocs, confirming the robustness of the GCC economies, the effectiveness of their economic and fiscal policies, and the continuous progress in economic diversification and Gulf economic integration. (End) K.N.A. / T.M.A.
