Population statistics, foreign expat resident percentages, currency, land area, other figures and data. The GCC countries are in discussion during A customs union and common currency have been agreed upon, at least in principle. Implementation timeline unknown or undecided. A common currency and monetary union between the 6 GCC countries, similar to the EU monetary union and currency, was originally planned with a launch date in or before That has been delayed to at least, or indefinitely is more likely.
It is a regional co-operation system between the Arab States of the Gulf created to meet the challenges imposed by surrounding circumstances. The geographical proximity of the GCC states and the similarity of their regulations and economic and social conditions were additional factors that helped in the establishment of the GCC. Summits have been held every year since then.
The Supreme Council is the highest authority of the Co-operation Council formed of heads of members states. Its presidency rotates among members states based on the alphabetical order of their names. It holds one regular session every year. The World Bank has been a strong partner to the Gulf Cooperation Council countries for over 50 years. The new Framework for builds on achievements and lessons learned from the previous Advisory Services Program. Following a year of economic distress, GCC economies are expected to return to an aggregate growth of 2.
Each edition of the Gulf Economic Monitor takes a close look at recent economic developments and short-term prospects for Gulf countries. In this issue of the Gulf Economic Update, the focus is on fiscal revenues and structural reforms including strategic investments in digitalization and telecommunications. Strategic investment in advanced GDP growth is projected to be 0.
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