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Sustainable economic cooperation between Korea and the Middle East in times of lower oil prices

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  • Sustainable economic cooperation between Korea and the Middle East in times of lower oil prices
  • Lee, Kwon Hyung, Son, Sung Hyun; Jang, Yun Hee; Ryou, Kwang Ho
  • Korea Institute for International Economic Policy


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Title Sustainable economic cooperation between Korea and the Middle East in times of lower oil prices
Similar Titles
Material Type Reports
Author(English)

Lee, Kwon Hyung, Son, Sung Hyun; Jang, Yun Hee; Ryou, Kwang Ho

Publisher

[Sejong, South Korea] : Korea Institute for International Economic Policy

Date 2017-04
Series Title; No World economy brief / 17-07
Pages 5
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Industry and Technology < Energy
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Abstract

A global oil price decline since the second half of 2014 has negatively impacted the economies of GCC countries, which heavily depend on the oil and gas sector. This led to a decline in trade surpluses and undermined current account balances, resulting in a slowdown of economic growth in these countries. GCC countries are carrying out several policies, as they face slowing economic growth, deepening budget deficits, diminishing foreign investment and shrinking construction project markets due to lower oil prices. In response, a new cooperation framework is required to strengthen bilateral ties for shared growth. First, industrial cooperation should be reinforced to expand economic diversification and job creation in GCC countries. Second, energy security is one of the most significant rationales for bilateral cooperation between Korea and the Middle East, since Korea imports more than 60% of the oil it uses from GCC countries. (The rest omitted)