GCC Secretary-General Affirms Member States' Ability to Face Economic Shocks and Geopolitical Challenges
GCC Secretary-General Jassem Al-Budaiwi affirmed the resilience of the Gulf economy and its capacity to face challenges through integration and diversification.
Translated by Qiyas from كونا — Original source
Riyadh, 14 October (KUNA) -- The Secretary-General of the Gulf Cooperation Council (GCC), Jassem Al-Bouaidi, affirmed on Wednesday the Council’s ability to withstand economic shocks and geopolitical challenges, thanks to the robustness of its economic foundations, strong financial reserves, and well-established banking systems.
In a statement, the Council’s General Secretariat conveyed Al-Bouaidi’s emphasis, during his speech at the meeting of finance ministers and central bank governors from the Middle East, North Africa, Afghanistan, and Pakistan with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, on the commitment to continue cooperation with regional and international partners. He stressed the need to transform current economic challenges into opportunities that support the building of a more diversified, prosperous, and sustainable GCC economic future.
Al-Bouaidi noted that recent geopolitical developments have directly and indirectly affected the economies of many countries through disruptions in energy production, maritime transport, trade, and supply chains. He added that these developments highlighted the close interconnection between the stability of the GCC economies and global economic stability, emphasizing the importance of strengthening GCC economic integration and expanding international partnerships to consolidate economic stability and achieve sustainable growth.
He pointed out that the repercussions of disruptions in vital energy and trade corridors on the region, global markets, and international economies necessitate enhanced regional and international cooperation to ensure the stability of supply chains and trade. He noted that GCC economies possess strong fundamentals to continue their recovery and achieve growth in 2027 and beyond, supported by economic diversification efforts and targeted investments. He highlighted the importance of maintaining prudent fiscal policies, strengthening the financial sector, and retaining adequate financial reserves to address future economic risks and fluctuations.
Al-Bouaidi indicated that the coming phase requires balancing responses to current economic challenges with the preservation of long-term fiscal sustainability, alongside enhancing the ability of GCC economies to deal efficiently and flexibly with future disruptions to ensure continued growth and preserve economic and developmental gains.
He affirmed the importance of developing economic and fiscal policies, accelerating the pace of economic diversification, and deepening integration among GCC member states to enhance competitiveness and the capacity to cope with global economic changes. He noted that GCC countries have promising opportunities in strategic sectors, including advanced industries, digital infrastructure, artificial intelligence, and human capital development.
Al-Bouaidi called for the necessity of empowering the private sector and enhancing its participation in global value chains, considering them key drivers of future economic growth. He stated that deepening GCC economic integration, expanding trade and investment opportunities, strengthening logistical connectivity, and diversifying export markets and supply routes represent strategic priorities to improve economic efficiency, resilience, and competitiveness regionally and internationally.
He added that the experiences and challenges the region has witnessed in recent months have proven that building more resilient and sustainable economies does not rely solely on the strength of national fundamentals, but requires deeper regional integration, diverse international economic partnerships, and reliable logistical and trade networks that connect GCC economies to the world.
The finance ministers and central bank governors of Middle East and North Africa countries, along with Afghanistan and Pakistan, will hold a meeting with International Monetary Fund Managing Director Kristalina Georgieva on the sidelines of the 2026 Annual Meetings of the IMF and the World Bank in Bangkok, the capital of Thailand. (End) A.S. / F.S.
