Global data and statistics, research and publications, and topics in poverty and development, The World Bank in the Gulf Cooperation Council, Environmental and Social Policies for Projects. Read the latest GCC headlines - updated 24/7/365. HE Dr. Nayef Falah Mubarak Al-Hajraf, Secretary General of the Gulf Cooperation Council held a video conference on Thursday, 9 April 2020 with Senior Officials of the International Monetary Fund and the World Bank to discuss the economic implications of the emerging coronavirus (COVID-19) pandemic on the global economy and the GCC States. The GCC countries have been instrumental to recovery and reconstruction efforts in the MNA region. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Human capital contributes not only to human development and employment but also to the long-term sustainability of a diversified economic growth model that is knowledge based and private sector driven. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The Kuwait has now said that Saudi Arabia will reopen its air space and land border to Qatar after a nearly 3-year freeze on its relations. Mr. Abousleiman, a Lebanese national, joined the Bank in 1989. Download. ;] His most recent assignment was Country Manager of Colombia in the Latin America and Caribbean Region. The World Bank Group works in every major area of development. The World Bank has been a strong partner to the Gulf Cooperation Council countries for over 50 years. Abstract The Country Opinion Survey in Bahrain assists the World Bank Group (WBG) in gaining a better understanding of how stakeholders in Bahrain perceive the WBG. To learn more about cookies, click here. The six Gulf Cooperation Council countries are all classified as high-income economies by the World Bank and accordingly do not benefit from preferential access to the EU market under the EU's Generalised Scheme of Preferences (GSP). The report commends ongoing reforms made towards improving the business environment in the region. The World Bank projects Egypt’s real GDP per capita growth to record 1.7 percent in 2020, down from 3.7 percent in 2019, and to continue its downturn to reach 0.6 percent in 2021 The World Bank Group strongly supports efforts by GCC countries to promote inclusion and create opportunities for women to engage in all aspects of economic and social life. Metadata. This site uses cookies to optimize functionality and give you the best possible experience. The region overall has a strong and very active banking sector. HE Dr. Nayef Falah Mubarak Al-Hajraf, Secretary General of the Gulf Cooperation Council held a video conference on Thursday, 9 April 2020 with Senior Officials of the International Monetary Fund and the World Bank to discuss the economic implications of the emerging coronavirus (COVID-19) pandemic on the global economy and the GCC States. Abstract: Outlines recommendations for accelerating human capital formation to achieve economic diversification and sustainability in the Gulf Cooperation Council (GCC) countries by (1) investing in high-quality early childhood development; (2) preparing youth for the future; (3) enabling greater adult labor force participation; and (4) creating an enabling environment for human capital formation. The World Bank has been a strong partner to the Gulf Cooperation Council (GCC) countries for over 40 years. World Bank country overview; Bahrain Embassy in Washington, DC; U.S. Embassy in Manama; Kuwait. Governments in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates have mobilized the Bank’s global knowledge and development experience through technical assistance programs over the years. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. FY2018 Gulf Cooperation Council (GCC) Countries Country Opinion Survey Report (English) Abstract. World; India; South Asia; Business; Sports; Videos; Entertainment; Opinion; Photos; Live TV; Gulf nations open airspace and borders, focus on Gulf Cooperation Council meet. The six Gulf Cooperation Council countries are all classified as high-income economies by the World Bank and accordingly do not benefit from preferential access to the EU market under the EU's Generalised Scheme of Preferences (GSP). These efforts have been strengthened by existing partnerships with the Islamic Development Bank and regional development funds, including the Arab Fund for Economic and Social Development, the Arab Monetary Fund, Saudi Fund for Development, Kuwait Fund, Qatar Fund for Development, and Abu Dhabi Fund, aiming to leverage the financial support extended by the GCC countries to the Arab World. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Saudi Arabia's AlUla to host the 41st summit of Gulf Cooperation Council leaders. The World Bank Group works in every major area of development. The Gulf Cooperation Council: A bloc in crisis. Potential of Regional Power Sector Integration : Gulf Cooperation Council Countries Transmission and Trading Case Study. The World Bank and the Gulf Cooperation Council (GCC) countries have been strong partners for over five decades. The Gulf Cooperation Council (GCC), set to meet Tuesday in Saudi Arabia amid a prolonged crisis, is a group of conservative Sunni monarchies sitting on a third of the world's oil reserves. World; India; South Asia; Business; Sports; Videos; Entertainment; Opinion; Photos; Live TV; Gulf Cooperation Council summit: Will Gulf crisis come to an end? Remarks by IMF Managing Director Kristalina Georgieva at the Meeting of the Ministers of Finance and Central Bank Governors of the Gulf Cooperation Council. GDP growth is projected to be 0.6% in the region in 2019, a fraction of what is needed to create enough jobs for the fast-growing working-age population in the Middle East and North Africa region. Abu Dhabi: The Secretary-General of the Gulf Cooperation Council, Nayef Falah Al Hajraf, confirmed on Saturday that the leaders of the Gulf states are … While the GCC banks have credit exposures to different sectors of the economy, even the non-oil sectors are dependent on developments in the oil sector (either directly of through government spending). [Economic Consulting Associates. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Cooperation Council for the Arab States of the Gulf [GCC] - Reimbursable Technical Cooperation - Study on Strategic Food Reserves - Loan Committee Project File Date(s) 1984-01-12 - 1984-02-07 (Production) This report identifies key factors weighing on Syrian refugees contemplating a return home and analyzes how changing conditions in Syria might affect their decisions. This report identifies key factors weighing on Syrian refugees contemplating a return home and analyzes how changing conditions in Syria might affect their decisions. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. Bank Competition, Financial Dependence, and Economic Growth in the Gulf Cooperation Council* Giovanni Caggiano† and Pietro Calice‡ JEL codes: G2, L1, L2, O4 Keywords: GCC countries, bank competition, economic growth * This paper was presented at a World Bank Group seminar on March 14, 2016. The General Secretariat of the Cooperation Council for the Arab States of the Gulf (GCC) announced today that the Secretary General H.E. 2018-06. The World Bank has urged countries of the Gulf Cooperation Council (GCC) to prioritise environmental sustainability while diversifying their economies away … 41st Gulf Cooperation Council (GCC) summit was attended by the leaders and representatives of the member nations including the UAE, Qatar, Kuwait, Oman and Bahrain. View in App; Follow Us. December 21, 2020 ; World Bank. More details on the EU's new GSP scheme. Published: January 04, 2021 22:48 WAM. RIYADH: The Gulf Cooperation Council (GCC), set to meet Tuesday in Saudi Arabia amid a prolonged crisis, is a group of conservative Sunni monarchies sitting on a third of the world's oil reserves. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. العربية . Der Golf-Kooperationsrat (GKR, englisch Gulf Cooperation Council, GCC; offiziell Kooperationsrat der Arabischen Staaten des Golfes; arabisch مجلس التعاون لدول الخليج العربية, DMG Maǧlis at-taʿāwun li-duwal al-ḫalīǧ al-ʿarabiyya, englisch Cooperation Council for the Arab States of the Gulf, CCASG), bzw. Bank Competition, Financial Dependence, and Economic Growth in the Gulf Cooperation Council* Giovanni Caggiano† and Pietro Calice‡ JEL codes: G2, L1, L2, O4 Keywords: GCC countries, bank competition, economic growth * This paper was presented at a World Bank Group seminar on March 14, 2016. The GCC Department is managed through four offices: a regional office in Riyadh headed by a Country Director; a country office in Kuwait; a country office in Abu Dhabi; and a country management unit at the World Bank Headquarters in Washington, D.C. Get this from a library! GDP growth is projected to be 0.6% in the region in 2019, a fraction of what is needed to create enough jobs for the fast-growing working-age population in the Middle East and North Africa region. The World Bank projects Egypt’s real GDP per capita growth to record 1.7 percent in 2020, down from 3.7 percent in 2019, and to continue its downturn to reach 0.6 percent in 2021 We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. World Bank country overview; Oman … Authorities should focus first on responding to the health emergency and the associated risk of economic depression and postpone fiscal consolidation linked to the persistent drop in oil prices until recovery from the pandemic is well underway. It is an economic and political union comprising of all the Arab countries of the Persian Gulf except Iraq. N.B. The report outlines a new framework with a three-pronged approach. RIYADH: The Gulf Cooperation Council (GCC), set to meet Tuesday in Saudi Arabia amid a prolonged crisis, is a group of conservative Sunni monarchies sitting on a third of the world's oil reserves. Governments in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates have mobilized the Bank’s global knowledge and development experience through technical assistance programs. Improving human capital is key, including advice on health, education, and social protection systems, as well as programs on urban development and economic management, trade and competitiveness, governance, transport, energy, land management, and digital development. Human capital contributes not only to human development and employment but also to the long-term sustainability of a diversified economic growth model that is knowledge based and private sector driven. This paper uses a panel of 23 manufacturing sectors over 2002-10 to investigate the impact of bank competition on industry growth in the Gulf Cooperation Council economies. GCC Secretary General Delivers Formal Invitation to The. The results show that greater competition allows financially dependent firms to grow faster. Regional power sector integration : lessons from global case studies and a literature review (Vol. They include business environment reforms, promoting investment through support to skills development, and fostering a dynamic and entrepreneurial small business sector. Currently, the largest programs cover long-term visioning and development planning, sustainable macroeconomic and fiscal policy management. A water sector assessment report on the countries of the Cooperation Council of the Arab States of the Gulf (English) Abstract. Fitch Ratings expects continued asset quality and profitability pressures. World Bank Regional Director for the Gulf Cooperation Council (GCC) Twitter RSS This page in: English. Washington, DC . GCC countries have taken a number of steps towards improving women’s access in education, health care and employment. The World Bank offers these programs on reimbursable advisory services (RAS) ... Each edition of the Gulf Economic Monitor takes a close look at recent economic developments and short-term prospects for Gulf countries. Show full item record. The formation of human capital—the knowledge, skills, and health that people accumulate over their lifetimes—is critical for the six Gulf Cooperation Council (GCC) countries. China continue Its Market Dominance ( English ) Abstract challenges and set priorities share. Inglês ) Resumo three-pronged approach find latest news from the World Bank Country overview ; Kuwait Embassy in Washington DC. 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