The implications of the 2008 global financial crisis on the economies of the GCC countries

Abstract

The financial crisis (2008) is considered the greatest crisis that the international economics passed through since the period of the international depression (1929 – 1931) . in fact its effect is not only limited to the industrial developed countries , but also its negative aspect is reflected on the economies of the developing countries due to the economic openness . the countries of the gulf cooperative council are characterized by the great openness on the economies of the developed capital states . Consequently , the crisis is reflected clearly , on those economies became of the decrease of the prices of the world petrol which in its turn , leads to the owns of the these countries this affects , negatively , the council of economic activities , finally , the impact of this crisis on all the economic remarks ( GDP) , public expenditure . Exports and imports was implied generally , in its growth decrease in addition to the decrease in the financial market remarks of these countries .