GCC countries need to proceed with the adoption of the “basket of currencies” includes the US dollar, euro, Japanese yen, which would allow each country to have a more flexible exchange rate regime.
The main economic challenge facing the region is the creation of employment opportunities.The region needs to achieve an economic growth rate of 6-7% to keep the unemployment rate as it is now, and by 2020 will be imperative for the development of the region some 130 million new jobs, and Failure to reach that exacerbate the risks associated with extremism and poverty.
In the context of the panel discussion organized by the Faculty of Corporate Finance of the Institute of Chartered Accountants in England and Wales ICAEW about capital funding requirements of the GCC, said the Institute of Chartered Accountants ICAEW, the leading specialist in the field of accounting and finance global institution, it should be for the GCC states to establish a model a new economic successfully ending its dependence on oil.
GCC countries need to diversify their revenues and their economies, but to achieve this it is necessary to change its economic policies. This will require greater involvement of the private sector, and retention of human resources in the region, in order to maintain the prospects for sustainable growth and economic development in the long term. These efforts should be supported through changes in monetary policy to counter-cyclical, which put an end to link the currencies of the Gulf Cooperation Council (GCC) in US dollars only, especially since the value of the dollar has risen over the past three years by 20%.