IMF has urged GCC countries to continue carrying out further reforms in order to attract more foreign investments, through achieving progress in four key areas: human capital development, labor market reforms, legal frameworks to protect foreign investors, as well as business climate reforms.
According to IMF’s study on “Trade and Foreign Investment - Keys to Diversification and Growth in the GCC,” Arabian Gulf countries' drive for economic diversification, underpinned by greater openness to trade and higher foreign investment, can have a large impact on growth and spur the region’s economy.
These economic reforms will help achieve higher rates of sustainable and Inclusive growth for all segments in the society, by improving the distribution channel across sectors and producers, creating jobs, technology deployment, promoting knowledge, boosting productivity and creating more competitive business environments.
Source: (Economic Bulletin website, Edited)
