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Monday, December 26, 2011

Turkey, GCC economic relations gain momentum - Arab News

Turkey, GCC economic relations gain momentum


Published: Dec 26, 2011 01:44 Updated: Dec 26, 2011 01:52

JEDDAH: The relationship between Turkey and the GCC (Gulf Cooperation Council) economies is emerging as one of the most promising new economic axes in the world. The countries in question share a number of important historical, cultural and demographic commonalities but also matching opportunities and needs in the economic sphere. Both Turkey and the GCC have internationally fast population growth. About 60 percent of Turkey's 72 million population is below 30 years of age. In Saudi Arabia, the corresponding proportion is an even higher 70 percent. Both regions adhere to a highly technocratic paradigm of policy making, partly as a result of past challenges. Particularly transformative experiences in point were the Turkish crisis of 2001 and the long period of low oil prices that hit the GCC economies in the 1980s and 1990s. This has ensured remarkable economic resilience during the global crisis, according to a report "Turkey and the GCC: A strengthening Relationship" issued by the National Commercial Bank (NCB).

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