MANAMA: GCC countries were yesterday urged draw up a joint plan to deal with the fallout of the global financial crisis.
"The Gulf faces a critical moment, hence the need to stand united and insulate our economies," Bahrain Chamber of Commerce and Industry chairman Dr Essam Fakhro said.
He urged GCC governments to continue spending on development projects and energise other economic sectors.
Dr Fakhro highlighted the vital role of banks and financial institutions as a lifeline of private companies.
He was speaking as he attended the GCC Chambers of Commerce Union meetings in Muscat.
Several recommendations were made to GCC leaders for continued economic growth. The need to boost government spending on development projects was highly recommended.
The infrastructure and service projects were described as crucial to insulate GCC economies and create jobs for nationals.
The participants called on GCC governments to launch contingency plans to meet the challenges of the financial crisis on Gulf economies.
They also stressed the need to bailout banks and financial institutions, if they start to feel the pinch.
Dr Essam Fakhro also held talks with Omani Deputy Premier for Cabinet Affairs Fahd bin Mahmood and other senior officials.