GCC states able to cope with low oil price: Official

 11 May 2016 - 10:30

GCC states able to cope with low oil price: Official

 

Manama: Member states of the Gulf Cooperation Council (GCC) are able to cope with the low oil price via creating economic policies that would lessen dependency on petroleum as the main energy resource, an official said Wednesday.
In a statement to Kuwait News Agency (KUNA), Director General of the GCC Council of Ministers of Labor and Social Affairs Amer Al Hajri said that low oil prices have been a challenge to the GCC countries.
However, through sound economic policies, Gulf nations could overcome deficits to their budgets, said the official, noting that the upcoming years require Gulf countries to change their production levels to cope with the new status quo.
The human resources aspect and means to develop it will be a crucial component in any economic policy aimed at a better future, said Al Hajri, stressing that the private sector will also have a say in shaping whatever policies to come.
Regarding the GCC efforts to improve the job market in the region, the official said that several plans were set to improve the output and performances of GCC employees and workers, saying that such strategies were created to provide more job opportunities, as well as set the motion for reforms and administrative restructuration.

QNA