Economic Reform in the GCC: A Vision for the Future
May 3, 2017
The past 50 years have seen unprecedented modernization and growth among the oil-rich Gulf Cooperation Council countries, which today rank among the world leaders in per capita income. However, GCC leaders recognize that oil resources alone cannot sustain economic prosperity over the long term, and are thus seeking to create diversified economies that generate income from a variety of thriving industries.
What are the major challenges and roadblocks facing Gulf policymakers as they seek to diversify their economies away from oil revenue? What are the most promising opportunities for private sector growth and innovation? Are the GCC countries able to create a national workforce to meet the needs of a diversified economy? How does the introduction of new taxes and fees, however incremental, change the relationship between citizen and state in the GCC?
This AGSIW panel addressed these issues and more, with a distinguished group of experts from across the GCC.
Fahad Al-Kuwari, Senior Energy Policy Analyst, Qatar Petroleum
Ihsan Ali Bu-Hulaiga, Founder, Joatha Consulting
Karen E. Young, Senior Resident Scholar, AGSIW (Moderator)