GCC States must adopt new policies to face oil prices fluctuations – research

DOHA, March 23 (KUNA) — The GCC States are urged to adopt new economic policies, including diversifying income sources, to face the recent instability in global economy due to the strong fluctuations of oil prices, a Kuwaiti researcher said Wednesday.
GCC countries must develop monthly economic indicators for decision makers in state and private sectors, and independent companies, Sulayman Al-Qudsi, a researcher at Kuwait Institute for Scientific Research (KISR), confirmed.
Al-Qudsi made his remarks while discussing his research paper he has submitted to the 15th International Conference of Middle East Economic Association (MEEA), which kicked off earlier in the Qatari capital.
He also stressed the importance of watching and monitoring every single moment of indicators around the world, particularly in the United States, Canada, Europe, China, and India.
Increasing the income via increasing productivity is essential for Gulf countries instead of depending on just investment and labor as income increasing sources, the Kuwaiti researcher said, noting that developing and improving national cadres, in addition to using skillful and distinctive labor, is also important.
The three-day international event, themed “The Impact of Oil Price Changes on the Economic Growth and Development in the MENA Countries,” is hosted by Doha Institute for Graduate Studies (DIGS). (end) nnd.ma