Financial Crisis Essay

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GCC Financial Crisis Table of Contents 1. Introduction…………………………………………………3 2. The Pre crisis Economic Projections for GCC Countries…4 3. The Impact of the Crisis on GCC Countries……………5, 6 Introduction The impact of the global financial crisis has affected many countries in many negative ways. This paper will mostly talk about how the global financial crisis affected the GCC countries. The GCC countries were the least to be affected by the global financial crisis. Many GCC countries have had many economic crises through the year which resulted in the deployment of many employees. National companies were the most companies affected they had a very high economic crises but international companies on the other hand weren’t affected as much as the national companies. Most of the GCC countries have made great steps in holding their policy outlines and solidity to shocks, encouraging healthy economic progress, improving current account balance, imported reserve, independent wealth fund and the financial systems. But most of them remain highly exposed to economic crises that are related to oil price shocks. This paper provides information on The Pre crisis Economic Projections for GCC Countries, The Impact of the Crisis on GCC Countries, Debt and Economic Implications for GCC, and GCC Outlook for 2009. The Pre-crisis Economic Projections for GCC Countries The tight financial problems started in the GCC when the global financial crises began to rise. In Dubai, banks relied on borrowing from some other country to keep their projects stable and continuing. According to Shereef Ellaboudy “ In terms of bank liabilities, the loan-to-deposit ratio UAE banks increased to 120 percent at end July 2008, which is slightly above an average of 105 percent for GCC ”. Qatar was focusing on projects such as oil and gas, while

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