Greenwald Publishes Article on GCC Economic Earthquake
Michael B. Greenwald (Pardee ’07), Lecturer at the Frederick S. Pardee School of Global Studies at Boston University, published a recent article examining the June 2017 “economic earthquake” brought upon the Gulf Community of Countries (GCC) comprising Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman.
Greenwald’s article, entitled “The Economic Earthquake that Reshaped the Middle East,” was published by the Harvard Kennedy School Belfer Center for Science and International Affairs.
From the text of the article:
Earthquakes often alter and sometimes even destroy the landscape. The economic earthquake that was brought upon the Gulf Community of Countries (GCC) comprising Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman in June 2017 has indeed reshaped the landscape in the Gulf forever.
This economic shock has only accelerated GCC competition, spawning a race for economic diversification, foreign investment, and new trade relationships. Every state is emerging from the crisis economically more proactive and with new ambitions.
Given this new normal, the United States should redouble diplomatic efforts to mend ties between Qatar and the blocking states, without favoring the interests of one state over another. The United States has an opportunity to play a role in shaping GCC private sectors and promoting further investment in the United States. But it needs to be seen as an honest broker, without allegiance to one side or the other in the rift, despite what may have been said earlier in the dispute. The United States should push for a Camp David Summit with the GCC to counter Iran’s activist foreign policy in the region, or the risk is that the longer term victory may be Tehran’s.
Michael B. Greenwald is currently a Senior Vice President of Tiedemann Advisors and is responsible for working with clients and prospective clients and assisting with the Firm’s business development efforts. Michael is also the Senior Advisor to the President and CEO Fred Kempe of the Atlantic Council. Learn more about him here.