AASIM M. HUSAIN, Deputy Director of the Middle East and Central Asia Department, International Monetary Fund
What I thought I'd do today in the time that was allotted to me is talk a bit, first, about what the impact of low oil prices on the GCC economies has been, what policy responses the countries have taken, and what the macroeconomic implications of low oil prices are. Then I will turn quickly to the long-term policy agenda in each of the six countries.
I'm sure almost everyone has heard about the Saudi Vision 2030. That is the one that has gotten the most attention. It's also perhaps the most recent one to be announced. Saudi Arabia is by far the largest economy in the GCC, and in many respects this purports to be a truly transformative set of reforms. But every other country in the GCC also has the analogue of such a vision, so I thought I'd cover that in a very brief pass and talk about the implementation or the related challenges that I see in each case.