A Return to Reform in the Gulf Cooperation Council

MIN READJan 23, 2017 | 09:30 GMT


Members of the Gulf Cooperation Council (GCC) are trying to change with the times. Declining oil revenues have put some of these energy-dependent countries on the brink of economic crisis. Saudi Arabia's revenue fell by more than half over the past three years, from $302 billion in 2013 to just $147 billion in 2016, and its foreign reserves have tumbled by roughly $200 billion since mid-2014. Even Kuwait, perhaps the most financially stable GCC member, will post a budget deficit this fiscal year -- its first in well over a decade. At the same time, all of the bloc's member states are dealing with mounting demographic pressures and generational shifts in leadership....

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