It is almost thirty two years ago since the six countries of the Gulf decided to form the Gulf Cooperation Council (GCC). While it stood out as the only credible integration attempt on the part of the Gulf countries, the GCC still has its shortcomings. The United Arab Emirates (UAE) and the Sultanate of Oman balked on joining the proposed currency union. Although there might be objective points to raise against the currency union, but some of them reflected differences over the location of the proposed Gulf monetary authority.
Losing national identity
Jordan is already a member of the GCC in terms of its economic, financial, labor, strategic, security and cultural relations with the council.Dr. Jawad Anani
Jordan faces exactly the same problems. The most glaring difference is its ever widening fiscal deficit, which in great part is bridged by donations and soft loans from richer GCC members. The main reason for this deficit is of course Jordan’s high energy import bill. With this exception, Jordan’s economy is similar to the GCC economies. Like them, Jordan has constant rates of poverty and unemployment.