GCC economies to overcome impacts of crisis: Khalifa

Abu Dhabi: The Gulf Cooperation Council (GCC) states have overcome many difficulties despite the multiple implications of the international economic and financial crisis, thanks to their flexible economies and vibrant economic base whether on production or services levels, UAE President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has affirmed.

''Not only this, they have maintained an acceptable rate of growth and solved some woes our economies had faced before the eruption of the crisis like inflation which has risen to higher rates and high cost of living. The GCC states will continue their efforts to overcome all impact of the crisis in order to ensure smooth running and stability of development,'' Shaikh Khalifa said in an interview with the Kuwait News Agency (Kuna) on the eve of the GCC summit which will be held in Kuwait.

''The GCC states are not an isolated land and their inter-relation with the world make them have an affect on global political and economic events and also be effected by them. No doubt, the economic crisis the world is passing through is one of the issues that the GCC had faced whether on national or collective levels, " he said.

The GCC states, the President added, had discussed the technical aspect of the crisis in order to contain the potential impact on their countries and peoples. Politically, the GCC states sought to galvanise a common stance through regional and international conferences and forums which analysed and diagnosed the root causes of the crisis and recommended solutions thereof.

''It is natural that the Kuwait summit will review steps taken by the GCC states in this respect and study any complementary measures that can immunise the GCC economies against any possible complications,'' Shaikh Khalifa said.

''The most prominent factor that contributed to the stability of the course of the GCC joint action is that this march was not born out of a political desire from the GCC leaders rather than a response to objective factors that have primarily led to the creation of the group and believed in it existence in a later stage.

''Social bonds, meshed family ties in sometimes, geographical and natural territorial integrity of the Gulf political scheme in addition to relative similarity in many basics of political life, identical economic and productive structures and common social and cultural legacy have immuned the GCC against shocks and fluctuations that other experiments have experienced,'' he noted.