Doha:Gulf Cooperation Council Secretary-General Jasem Mohamed Albudaiwi stated that the GCC economies have shown strong fiscal and macroeconomic resilience.
According to Qatar News Agency, the International Monetary Fund (IMF) has praised the GCC economies for their resilience, as well as the economic and financial measures implemented amid current global uncertainties. This was discussed during a joint meeting with GCC Ministers of Finance, Economy, and Central Bank Governors and the IMF's Managing Director.
Albudaiwi highlighted that the region is navigating a complex economic and geopolitical landscape, with disruptions in energy production, shipping, logistics, and trade showcasing the impact of geopolitical developments on the GCC and global markets. Despite these challenges, the GCC has maintained robust macroeconomic and fiscal resilience due to prudent economic policies, strong financial buffers, a resilient banking system, and strategic investments in infrastructure and economic diversification.
The Secretary-General emphasized the importance of safeguarding macroeconomic and fiscal stability and ensuring that policies remain agile and responsive. He noted that responses should not only manage immediate geopolitical shocks but also embed resilience as a core element of the GCC economic framework.
Albudaiwi also called for accelerating economic integration, promoting cross-border flows, strengthening regional supply chains, and establishing resilient commercial corridors. Additionally, he stressed the need for structural reforms to empower the private sector, enhance competitiveness, foster technological innovation, and transition towards diversified, knowledge-based economies.
Finally, he urged strengthening policy frameworks, deepening GCC coordination, completing integration milestones, and reinforcing partnerships with international institutions, particularly the IMF.