SRMG Think hosted a high-level discussion in Riyadh on the IMF’s latest GCC report titled “Gulf Cooperation Council — Pursuing Visions Amid Geopolitical Turbulence — Economic Prospects and Policy Priorities for the GCC Countries”.
SRMG Think is the research and advisory arm of SRMG, the largest integrated media group in the Middle East & Nort Africa (MENA).
The event brought together senior policymakers, economic experts, diplomats and private sector leaders to examine the GCC economic resilience and the robust expansion in nonhydrocarbon activity, steadfast progress on reforms, the role of the private sector in deepening the transformation, risks to the outlook and policy priorities for the medium term.
Amine Mati, Assistant Director, Mission Chief for Saudi Arabia, and Head of GCC Division at the IMF, underscored that “Saudi Arabia is making significant strides of reforms, with strong domestic demand keeping non-oil growth robust. Supported by an increasing recourse to a highly skilled workforce, the Kingdom leads MENA in terms of R&D growth, reinforcing its position as a regional innovation hub.”
“Fiscal reforms, including broad-based tax adjustments, have contributed to the doubling of non-oil revenue over the past five years. As a result, the difference between potential and actual tax revenues stands at approximately 9% in Saudi Arabia compared to 15% across the GCC. Finally, the current account is narrowing but fiscal and external buffers remain strong,” he said.
Nedaa Almubarak, Managing Director of SRMG Think, emphasized the importance of data-driven discussions in shaping the region’s economic policies. “We are committed to facilitating high-impact dialogues that bring together policymakers, experts and industry leaders from both the public and private sectors to navigate the economic landscape.”
“Our discussion today underscored the need for proactive policymaking and strategic planning to sustain the GCC’s economic resilience in an evolving global environment.”
The discussion, moderated by SRMG Think Senior Policy Advisor Hazar Caracalla, opened with a presentation by Balazs Csonto, Deputy Director of the IMF Regional Office in Riyadh. Csonto outlined the key findings of the report, recent economic developments in the GCC, risks to the outlook, and policy priorities to mitigate them.
SRMG Think continues to serve as a platform for thought leadership, fostering dialogue on key regional and global economic trends.
