A Comparative Study of Economic Performance of Persian Gulf Cooperation Council within the Framework of Regional Integration

The member countries of the Persian Gulf Cooperation Council despite creation of an institution for regional integration and the existence of good potential for attaining the goals defined in its charter have not been able to make use of their potential capabilities within the framework of regional cooperation. Implementing economic model unsuitable with the conditions of the countries of the union in matters like monetary union and also wrong economic policies have led to non-fulfillment of their potential capacities.Non-formation of monetary union, high rate of unemployment among the countries of Persian Gulf region, shortage of capital in oil, development and transportation projects, low volume of trade among the member countries are the tangible bottleneck which the Persian Gulf Cooperation Council is facing despite years thirty years life of this organization. Therefore it seems that for achieving the goals defined in the charter of this organization within the framework of regional economic cooperation, they should first define a suitable economic model which conforms to the common conditions of the member countries. In this ideal economic model return of the capital earned from the sale of oil to oil industries and other related industries is an important necessity. The countries of Persian Gulf Cooperation Council should increase the efficiency of domestic labour force and train specialist from their own citizens of member countries and reduce the foreign labour forces. By these measures they can have dynamic future instead of simply restricting the flow of foreign labour force.