GULF COUNTRIES ECONOMICS

Gulf Countries Economics

Gulf Countries Economics

Market economies are capable of surviving in non democratic states. These are the six countries which form the Gulf Cooperation Council (GCC), UAE, Kuwait, Bahrain, Qatar, Oman, and Saudi Arabia.

All Gulf countries are said to be known as market economies. Saudi Arabia stands at a rank which is high on the list. It is ranked as 23on the list of World Bank. GCC countries belong to World Trade Organization (WTO). As tariffs are low Bahrain and Oman have free trade agreements with US. Faithfulness to free markets has limits, of course. Contracts cannot easily be ...