JEDDAH: The inclusion of Jordan and Morocco to the six Gulf Cooperation Council would add more than 12 percent to the bloc's economy which could soar above $ 1 trillion in current prices, French bank Credit Agricole said Wednesday. The two Arab nations are also expected to benefit from joining the body by means of drawing capital from the wealthy Gulf nations and exporting labor to them, the report said. “Full integration of Jordan and Morocco into the GCC economic area would add 12.2 percent to the bloc's nominal GDP, based on 2010 data, bringing it solidly above the $1 trillion mark,” John Sfakianakis, chief economist at Banque Saudi Fransi, said. It would be much easier for the GCC to absorb Jordan since its economy, worth $27.5 billion in 2010, is smaller than that of Oman and about a 15 of the size of Saudi Arabia's, he added. Morocco's economy was valued at $103.5 billion in 2010, not far below Qatar and Kuwait, and its inclusion in the GCC would lead to a sizeable adjustment in the GCC's economic structure, Sfakianakis said. He expected full integration of both countries to reduce Saudi Arabia's total GDP contribution to the GCC to 36 from 42 percent, based on 2009 GDP data.
