Sustainable Business and Society in Emerging Economies, Journal Year: 2024, Volume and Issue: 6(4)

Published: Dec. 31, 2024

Purpose: This study examines the economic growth dynamics of Gulf Cooperation Council (GCC) economies from 2001 to 2023, focusing on roles natural resources, institutional quality, human capital, and macroeconomic stability. Design/Methodology/Approach: The research employs Pooled Mean Group (PMG) estimation method analyze short- long-term impacts various factors within GCC region. Findings: results reveal that resources provide short-term benefits but hinder growth, highlighting need for diversification away resource dependence. In contrast, improvements in quality investments capital have significant positive effects Exchange rate fluctuations are found negatively impact both short long run, emphasizing importance Implications/Originality/Value: findings suggest countries should focus reducing their reliance by diversifying into sectors such as technology, finance, renewable energy. Strengthening frameworks through regulatory governance reforms, coupled with education innovation, will further enhance resilience. Additionally, ensuring exchange stability fiscal sustainability, along fostering entrepreneurship regional integration, is crucial maintaining growth. provides valuable policy recommendations aimed at achieving sustainable development region, urging a balanced approach management, improvements,

Language: Английский