Gulf Cooperation Council Anniversary
The Gulf Cooperation Council (GCC) countries celebrated their founding anniversary on May 25th, continuing to strengthen their global economic and developmental stature. Their gross domestic product (GDP) reached approximately $2.4 trillion, while the assets of commercial banks increased to $3.9 trillion, with a deposit growth rate of 10.6%. Additionally, the GCC sovereign wealth funds held around $5 trillion, and their trade exchange amounted to $1.6 trillion. The member states maintained their dominance in the global oil market, producing 16.6 million barrels per day. The GCC countries also advanced in global competitiveness indicators, with significant growth in intra-regional trade and the Gulf market, focusing on economic diversification and innovation.
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