Economic Growth Factors in Gulf Cooperation Council (GCC) Region

This study aims to find the main factors of economic growth in Gulf Cooperation Council (GCC) Region during the period 2005-2016. Recently, the GCC region has faced many challenges such as oil prices drop, which represent most of gross domestic production (GDP) in GCC countries. Moreover, in 2018, GCC imposed the value added tax (VAT), that could affect GCC economies significantly and negatively. As a result, GCC countries planned to diversify their economies based on their available resources. However, the GDP is one of the main indicator to measure the efficiency of any economy. Therefore, this study determines the positive and negative factors that affect GDP significantly. According to data collection, this study was gathered from World Bank and International Monetary Fund (IMF) databases. The statistical model that used in this study is ordinary least square (OLS). The main findings proposed that economic growth is affected positively from GDP. In addition, population and corruption impacted GDP per capita significantly and negatively.