Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

The Gulf Cooperation Council and the global recession

The Gulf Cooperation Council and the global recession Journal of Balkan and Near Eastern Studies, Volume 12, Number 2, June 2010 MINA TOKSOZ At one level, the impact of the global recession on the Gulf Cooperation Council (GCC) economies has been predictable. As global growth collapsed, oil prices plummeted and, in line with that, the Gulf current account and budget surpluses shrank, some reverting to deficits; part of the $2 trillion or so mega projects in the pipeline were postponed and some abandoned. The value of the region’s sovereign wealth funds (SWFs) fell sharply. As international liquidity dried up, a few banks, as expected, had to be bailed out. But some aspects of the impact of the crisis on the region have been less expected or not seen before. For example, it was not the hydrocarbon sector that bore the first brunt of the crisis as in the previous oil price collapse of the 1980s, but the financial sector, and other heavily indebted services sectors such as real estate. With the private sector a major driver of economic growth in this recent oil boom, what made the headlines were defaults by the region’s private companies, not just the postponed public-sector projects. Digging deeper, this global recession may http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Balkan and Near Eastern Studies Taylor & Francis

The Gulf Cooperation Council and the global recession

Toksoz, Mina
Journal of Balkan and Near Eastern Studies , Volume 12 (2): 12 – Jun 1, 2010
Download PDF
12 pages

The Gulf Cooperation Council and the global recession

Abstract

Journal of Balkan and Near Eastern Studies, Volume 12, Number 2, June 2010 MINA TOKSOZ At one level, the impact of the global recession on the Gulf Cooperation Council (GCC) economies has been predictable. As global growth collapsed, oil prices plummeted and, in line with that, the Gulf current account and budget surpluses shrank, some reverting to deficits; part of the $2 trillion or so mega projects in the pipeline were postponed and some abandoned. The value of the region’s...
Loading next page...
 
/lp/taylor-francis/the-gulf-cooperation-council-and-the-global-recession-ym6UBHaJcN
Publisher
Taylor & Francis
Copyright
Copyright Taylor & Francis Group, LLC
ISSN
1944-8961
eISSN
1944-8953
DOI
10.1080/19448951003791872
Publisher site
See Article on Publisher Site

Abstract

Journal of Balkan and Near Eastern Studies, Volume 12, Number 2, June 2010 MINA TOKSOZ At one level, the impact of the global recession on the Gulf Cooperation Council (GCC) economies has been predictable. As global growth collapsed, oil prices plummeted and, in line with that, the Gulf current account and budget surpluses shrank, some reverting to deficits; part of the $2 trillion or so mega projects in the pipeline were postponed and some abandoned. The value of the region’s sovereign wealth funds (SWFs) fell sharply. As international liquidity dried up, a few banks, as expected, had to be bailed out. But some aspects of the impact of the crisis on the region have been less expected or not seen before. For example, it was not the hydrocarbon sector that bore the first brunt of the crisis as in the previous oil price collapse of the 1980s, but the financial sector, and other heavily indebted services sectors such as real estate. With the private sector a major driver of economic growth in this recent oil boom, what made the headlines were defaults by the region’s private companies, not just the postponed public-sector projects. Digging deeper, this global recession may

Journal

Journal of Balkan and Near Eastern Studies – Taylor & Francis

Published: Jun 1, 2010

There are no references for this article.