GCC economies resilient, expanding global partnerships a priority: Budeiwi

Jasem Mohammed Al-Budeiwi, Secretary-General of the Gulf Cooperation Council, affirmed that GCC economies have demonstrated resilience in the face of economic shocks and geopolitical challenges, crediting their strong fundamentals, robust financial reserves, stable banking systems, and prudent economic policies.

Al-Budeiwi made his remarks during a meeting of finance ministers and central bank governors from the Middle East, North Africa, Afghanistan, and Pakistan with Kristalina Georgieva, Managing Director of the International Monetary Fund, held on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok.

He noted that recent geopolitical developments have directly and indirectly impacted regional economies, causing disruptions in energy production, maritime transport, trade, and supply chains. Al-Budeiwi stressed that the economic stability of GCC countries is closely linked to global economic stability, and any disturbances in vital energy and trade corridors have repercussions on international markets.

Strengthening economic integration and diversifying partnerships

The Secretary-General emphasized that boosting Gulf economic integration and expanding international partnerships are key pillars for ensuring economic stability and achieving sustainable growth. He also highlighted the importance of maintaining prudent fiscal policies, reinforcing the financial sector’s strength, and preserving adequate financial reserves to address future risks.

Al-Budeiwi underscored the need to balance responses to current economic challenges with maintaining long-term fiscal sustainability, as well as enhancing the ability of GCC economies to efficiently manage any future disruptions.

Promising economic opportunities and private sector empowerment

Al-Budeiwi pointed out that GCC countries have promising opportunities in strategic sectors such as artificial intelligence, digital infrastructure, advanced industries, and human capital development. He stressed the importance of empowering the private sector and increasing its participation in global value chains, considering these as main drivers of future economic growth.

He added that deepening Gulf economic integration, expanding trade and investment opportunities, and diversifying export markets and supply routes are strategic priorities to enhance the resilience and competitiveness of GCC economies.

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Regional integration and global trade networks

Al-Budeiwi concluded his speech by stressing that building more resilient and sustainable economies requires deeper regional integration, diversified international economic partnerships, and reliable trade and logistics networks connecting GCC economies to the world. He reaffirmed the Council’s commitment to pursuing these priorities and turning current economic challenges into opportunities for a more diverse and prosperous economic future.