Digital Development of the Persian Gulf Countries and its Impact on the International Economy and Trade: an Empirical Analysis

The global trend towards digitalization is reflected in the spread of Industry 4.0 technologies in an increasing number of countries, including the states of the Arabian Peninsula, which increases the relevance of studying their digital transformation, which affects internal socioeconomic processes and international cooperation, primarily in the field of foreign trade at the regional and non-regional levels, and also on the evolution of regional economic integration. The purpose of the article is to identify the factors and directions of digitalization in the association of the Cooperation Council of the Arab States of the Persian Gulf and to identify the specifics of their impact on integration and foreign trade. The author concludes that the processes of digitalization have already noticeably intensified in the GCC countries and comprehensively strengthen the foreign trade potential of the integration group. However, a number of problems remain in the digital sphere, as well as in the foreign trade sphere, which requires both closer attention from the government and the efforts of private business, as well as increased international digital cooperation. However, a number of problems remain in the digital sphere, as well as in the foreign trade sphere, which requires both closer attention from the government and the efforts of private business, as well as increased international digital cooperation. Therefore, it is important for the GCC countries to step up digitalization, in particular in the financial sector, while ensuring the security of transactions.Â