GCC Secretary-General: Member States Have Proven Their Ability to Handle Crises and Maintain Economic Stability
Jassim Al-Budaiwi affirmed the resilience of Gulf economies and their ability to face global challenges during the meeting of the Council's Financial and Economic Committee.
Translated by Qiyas from السياسة — Original source
The Secretary-General of the Gulf Cooperation Council (GCC), Jassem Al-Bedawi, confirmed on Thursday that 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 by Al-Bedawi during his speech 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 ministers responsible for financial and economic affairs in GCC member states.
He stated that 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 ability to preserve their economic gains and provide the necessary flexibility to deal with future changes.
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He noted 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 GCC economies and the global economy, these developments underscore the importance of continuing to enhance preparedness and capacity to address various challenges and mitigate their impact on GCC economies, thereby preserving financial and economic stability and sustainable growth.
In this context, he mentioned that “GCC member states have proven, by the grace of God and through the wisdom of their leaders, may God protect and preserve 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, as well as advanced frameworks for coordination and joint cooperation.”
He pointed out that recent developments have confirmed the importance of building on these achievements and enhancing coordination among the fiscal and economic policies of 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 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 which are completing the requirements of the Customs Union and the Common Market, enhancing the flow of trade and investment among GCC member states, and strengthening the financial and investment environment.”
During his speech, he also referred to several indicators reflecting the robustness of GCC economies. The combined gross domestic product (GDP) of GCC member states reached approximately $2.4 trillion, placing them collectively among the world’s ten largest economies. Non-oil activities accounted for about 79 percent of GDP, reflecting continuous progress in economic diversification.
Net foreign assets held by Gulf central banks reached approximately $829 billion US dollars by the end of June 2026, covering about 11 months of GCC imports.
He added that the GCC countries have also maintained stable inflation levels, with the regional rate reaching approximately 2.1 percent in May 2026, despite current economic challenges, which is lower than the averages of major economic blocs. He emphasized that these indicators reflect the resilience of the GCC countries’ economies, the effectiveness of their economic and fiscal policies, and the continuous progress in the paths of diversification and GCC economic integration.
