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Category: Research Paper

Subcategory: Business

Level: College

Pages: 8

Words: 2200

Problems Faced By the GCC As A Result Of Lower Oil Prices
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Problems Faced By the GCC As A Result Of Lower Oil Prices
Introduction Oil is not only the most widely traded commodity in the world, but it is also a major source of revenue for many countries especially the Gulf Cooperation Council (GCC) countries. The GCC is an economic and political intergovernmental union that comprises of Oman, Bahrain, United Arab Emirates, Kuwait, Saudi Arabia, and Qatar. The GCC countries rely on oil the main source of fiscal revenues and export commodity.
Unfortunately, the volatility of oil prices puts these countries at risks of running budget deficits, slashing government spending, reducing employments, and increasing taxation rates. Such factors can easily make these economies uncompetitive as expatriates and other businesses will be forced to leave these countries due to reduced incomes, reduced profits, and production of uncompetitive goods. However, it is important to realize that over the past two or so decades, the economies of these countries have significantly evolved and diversified away from oil dependence although more efforts are still needed, as the countries are highly dependent on oil revenues (Cherif and Hasanov, 2014, 3-5). All GCC countries rely on oil to provide for over 50% of export revenues and at the same time, these economies rely on oil for over a third of the Gross Domestic Product (GDP). In order for …

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