Gulf Cooperation Council: How Developed and Inclusive are Financial Systems in the GCC?

Improving global governance
Posted Jan 10, 2019 | IMF

The IMF suggests in this analysis that countries of the Gulf Cooperation Council (GCC) have progressed in developing their financial systems, aided by strong economic growth and wide-ranging reforms. Nonetheless, financial systems in the GCC are reliant on banks, with non-bank financial institutions (NBFIs) and debt capital markets less well developed. SMEs, women, and youth still have limited access to the formal financial system, and closing the remaining financial development and inclusion gaps would support growth. While there is considerable uncertainty, the estimates suggest that further financial development could be associated with higher annual per capita income growth of 0.4-0.7 percentage points in some GCC countries, while better financial inclusion could lead to higher growth of 0.3-0.7 percentage points.



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