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Economic Policies of GCC Countries in the Era of Low Oil Prices and Their Policy Implications for Korea

Author

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  • Lee, Kwon Hyung

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Son, Sung Hyun

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Jang, Yun Hee

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Ryou, Kwang Ho

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

Abstract

Over the past several decades, the six member countries of the Gulf Cooperation Council (GCC) have implemented economic policies for industrial diversification to lessen severe dependence on the oil industry. Such policy efforts have been driven by their awareness of macro-economic and structural risks from heavy volatilities in international oil markets in terms of fiscal and trade sectors. For instance, the drop in international oil prices reduces export performance in the oil and natural gas sectors, which in turn results in a decline in the stability of fiscal revenue. The recent trends of low oil prices since 2014, as well as high unemployment rates, have strengthened the policy regime for industrial diversification and job creation supported by mid- to long-term economic plans of the GCC countries. This report reviews what has been emphasized in the areas of industrial, employment, trade and investment policies. We then derive implications for Korean companies and policymakers for sustainable cooperation between Korea and the Middle East.

Suggested Citation

  • Lee, Kwon Hyung & Son, Sung Hyun & Jang, Yun Hee & Ryou, Kwang Ho, 2021. "Economic Policies of GCC Countries in the Era of Low Oil Prices and Their Policy Implications for Korea," World Economy Brief 21-3, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kiepwe:2021_003
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    Keywords

    GCC; Gulf Cooperation Council; oil price; economic policy; Korea;
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