As GCC economies recover, doubling down on transformational reforms is imperative – The National

As GCC economies recover, doubling down on transformational reforms is imperative – The National

When Covid-19 first spread to the countries of the Gulf Co-operation Council in 2020, well-co-ordinated policy responses helped to contain the virus, delivered rapid and widespread access to vaccines, and provided a range of support to stricken businesses and sectors.

These bold moves paved the way for the region’s ongoing gradual economic recovery: non-oil gross domestic product in the GCC is expected to grow by 3.8 per cent in 2021 and inflation pressures are contained. But as the virus retreats and a rebound in oil prices eases pressure on external accounts and supports public balance sheets, policymakers need to show the same determination as they did in the early stages of the pandemic and move decisively enough to ensure a transformational recovery.

Last week GCC finance ministers sat down together in Manama for the first face-to-face meeting since the Covid-19 outbreak, at a pivotal moment when the region is weighing up post-crisis recovery priorities.