WEF LAUNCHES STUDY OF REGIONAL OUTLOOK

Dubai: The World Economic Forum (WEF) yesterday launched its latest study of the regional scenario.

"The GCC Countries and the World: Scenarios to 2025", the result of an 18-month research involving more than 300 experts.

The team led by the WEF, in partnership with the Economic Development Board of Bahrain, the Executive Affairs Authority of Abu Dhabi and the Olayan Financing Company in Saudi Arabia, examined two key questions: Will leaders in the public and private sector in the GCC countries be able to implement the necessary and relevant economic and political reforms and successfully enforce the rule of law? Will GCC be able to maintain internal order and stability, in particular vis-Ã -vis an uncertain regional situation?

The report presents three possible scenarios for the region over the next 20 years: Oasis, Sandstorm and The Fertile Gulf. Oasis describes a scenario where regional stability continues to be a challenge for the GCC countries, but they are nevertheless able to achieve institutional reforms.

The second scenario describes a future where regional instability is the defining factor affecting the ability of GCC countries to carry out institutional reforms.

The third describes the rise of the GCC as an innovation hubs in a global environment characterised by robust demand for energy and increasing globalisation.