Manama: Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi said that the GCC states' economies have demonstrated strong fiscal and macroeconomic resilience.
In this regard, he underlined that the International Monetary Fund (IMF) commended the resilience of GCC economies, the economic and financial measures implemented amid prevailing conditions, and their ability to sustain growth momentum despite heightened global uncertainty.
During the joint meeting of GCC Ministers of Finance and Economy and Central Bank Governors with the Managing Director of the IMF on Thursday, Albudaiwi indicated that the region navigates a highly complex economic and geopolitical landscape.
Disruptions across energy production, shipping, logistics, and trade have once again demonstrated how swiftly geopolitical developments impact GCC economies and global markets.
He pointed out that despite these headwinds, GCC economies have demonstrated robust macroeconomic and fiscal resilience, an outcome achieved not by coincidence, but through years of prudent economic policies, strong financial buffers, resilient banking systems, and strategic investments in infrastructure, connectivity, and economic diversification.
Albudaiwi added that the immediate priority lies in safeguarding macroeconomic and fiscal stability, while ensuring policies remain agile, responsive, and aligned with rapid developments. He underscored that responses must not be limited to managing the immediate fallout of geopolitical shocks, but must embed resilience as an intrinsic pillar of the GCC economic architecture.
In the same context, he stressed the importance of accelerating efforts toward economic integration, facilitating the cross-border flow of goods, services, capital, and citizens, bolstering regional supply chains, and establishing resilient commercial and logistics corridors. He also highlighted the necessity of advancing structural reforms to empower the private sector, enhance competitiveness, foster technological innovation and digital transformation, and accelerate the transition toward diversified, knowledge-based economies.
Albudaiwi also urged for strengthening policy frameworks, deepening intra-GCC coordination, completing remaining integration milestones, and reinforcing partnerships with international institutions, foremost among them the IMF.
