Forging Ahead: Advancing Economic Integration and Monetary Union in the GCC - A Critical Analysis of Progress, Challenges, Opportunities, and Policy Imperatives

Given the considerable progress and persistent challenges highlighted in the evolution of the GCC’s economic integration initiatives, this project seeks to critically analyze the path towards a more unified economic framework. The purpose of this research, therefore, is to systematically assess the progress made toward economic integration and the establishment of a monetary union, highlight the underlying challenges, and explore new opportunities that could enhance cooperation and strengthen integration. Furthermore, this research will recommend strategic policy interventions that are tailored to the unique economic and political landscape of the GCC. These recommendations will aim to align economic policies more closely, build robust political consensus, and deepen fiscal integration, thereby facilitating the realization of the GCC's long-term goals for full economic integration, financial stability, and monetary unity. Finally, the project will thoroughly assess the impact of GCC economic integration on the Qatari economy. This examination will include a detailed analysis of key economic indicators such as GDP, employment rates, sectoral output, and trade balances under various integration scenarios. Additionally, the study will conduct sector-specific analyses in Qatar focusing on critical areas like the hydrocarbon industries, financial services, construction, and tourism, providing insights into how economic integration might affect each sector in the country.

Hamad Bin Khalifa University (HBKU)