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Characteristics of the Transitional Stage

In: The Gulf Economies in Transition

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  • Henry T. Azzam

Abstract

It appears that the states of the Gulf Co-operation Council (GCC): Saudi Arabia, Kuwait, United Arab Emirates, Oman, Bahrain and Qatar will continue to adjust to a slower pace of growth and development in the coming few years. The slowdown in the GCC states, in contrast with that of the industrialized countries, is not foreseen as a cyclical phenomenon, rather, it is the outcome of external and structural changes that started in 1981–82. The decline in the region’s oil revenues, the lingering Iran-Iraq war and the rising toll of Al-Manakh stock market crisis in Kuwait are at the root of the present downswing in overall economic activities.

Suggested Citation

  • Henry T. Azzam, 1988. "Characteristics of the Transitional Stage," Palgrave Macmillan Books, in: The Gulf Economies in Transition, chapter 1, pages 1-19, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08970-3_1
    DOI: 10.1007/978-1-349-08970-3_1
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