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GCC economies projected to grow by 5 per cent in 2015: Minister

GCC states have taken advanced steps towards financial and economic integration

The economies of members of the Gulf Cooperation Council are projected deliver a strong growth rate of about 5 per cent in 2015.

Generous government expenditure on major projects and the higher contribution of the private sector to the overall economic development drive will support economic growth, says Qatar’s Minister of Finance Ali Shareef Al Emadi, in remarks published by the Qatar News Agency (QNA).

The minister notes that the massive financial surpluses posted by the GCC states over the past few years helped them to effectively address the impact of falling oil prices and boosted international organisations’ confidence in the members of the 6-nation grouping.

Speaking at a key meeting of the finance ministers of the GCC, Al Emadi says there are still risks threatening global economic growth because of the slowdown in some of the world’s major economies.

Meanwhile, Assistant Secretary General of the GCC for Economic and Development Affairs, Abdullah bin Juma al-Shibli, says that the value of the trade exchange between member countries of the GCC shot up by 37 per cent in 2013 to a massive $121 billion.

He adds that GCC states have taken advanced steps towards financial and economic integration, which will help them address fiscal and economic challenges.