RIYADH — SRMG Think hosted a high-level discussion in Riyadh on the International Monetary Fund’s (IMF) latest report on the Gulf Cooperation Council (GCC) titled “Gulf Cooperation Council — Pursuing Visions Amid Geopolitical Turbulence — Economic Prospects and Policy Priorities for the GCC Countries.”

The event convened senior policymakers, economic experts, diplomats, and private sector leaders to examine the region’s economic resilience, non-hydrocarbon sector growth, ongoing reform progress, and policy priorities for the medium term.

Discussions also addressed risks to the economic outlook and the private sector’s role in driving long-term transformation.

Amine Mati, Assistant Director, Mission Chief for Saudi Arabia, and Head of the GCC Division at the IMF, highlighted Saudi Arabia’s significant reform progress, emphasizing strong domestic demand, robust non-oil growth, and advancements in research and development (R&D).

"Saudi Arabia is making significant strides in reforms, with strong domestic demand keeping non-oil growth robust. Supported by an increasing recourse to a highly skilled workforce, the Kingdom leads MENA in terms of R&D growth, reinforcing its position as a regional innovation hub. Fiscal reforms, including broad-based tax adjustments, have contributed to the doubling of non-oil revenue over the past five years. As a result, the difference between potential and actual tax revenues stands at approximately 9% in KSA compared to 15% across the GCC. Finally, the current account is narrowing, but fiscal and external buffers remain strong,” Mati said.

Nedaa Almubarak, Managing Director of SRMG Think, underscored the importance of data-driven discussions in shaping the region’s economic policies.

"We are committed to facilitating high-impact dialogues that bring together policymakers, experts, and industry leaders from both the public and private sectors to navigate the economic landscape. Our discussion today underscored the need for proactive policymaking and strategic planning to sustain the GCC’s economic resilience in an evolving global environment," Almubarak said.

The discussion was moderated by SRMG Think Senior Policy Advisor Hazar Caracalla and featured a presentation by Balazs Csonto, Deputy Director of the IMF Regional Office in Riyadh. Csonto outlined the key findings of the report, recent economic developments in the GCC, risks to the outlook, and strategies to mitigate them. — SG