Oil prices have witnessed many sharp fluctuations in the past four decades, and as a result, the Arab Gulf States, which are dependent on oil in their economies, have gone through periods of economic prosperity due to high oil prices, and many recessions followed during the period between 1990-2020. This study aims at empirically investigating the impact of oil price fluctuations (OPF) on the economic growth of the six Gulf Cooperation Council (GCC) countries, especially regarding their gross domestic product (GDP), production levels (PL), and employment (EMP). For this purpose, a structured questionnaire was distributed to a random sample of 600 experts and financial analysts from the six GCC countries (Bahrain, Saudi Arabia, the United Arab Emirates, Oman, Kuwait, and Qatar), to collect the required quantitative data. The proposed hypotheses were verified by Pearson correlation and simple linear regression analysis that was conducted using Statistical Package for the Social Sciences software (SPSS). The results of this study show that there are statistically significant, negative, and strong correlations between the OPF and the economic growth of GCC regarding its three dimensions (PL, GDP, and EMP), where GDP was revealed to be the most affected dimension from economic growth rate variable by OPF, followed by EMP, and lastly PL dimension. Based on the results, it was recommended that government officials in these countries should take strong steps to transform these economies from massive oil extraction to a more diversified economy by supporting industrialization, import, and export of other goods

Title

international journal of energy Economics and policy

Publisher

EconJournals

Publisher Country

Turkey

Indexing

Scopus

Impact Factor

38.0

Publication Type

Both (Printed and Online)

Volume

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Year

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Pages

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