MANAMA: GCC countries were yesterday warned against potentially devastating effects of the global meltdown.

"The financial crisis threatens economic and investment programmes," GCC Chambers Federation president and Bahrain Chamber of Commerce and Industry chairman Dr Essam Fakhro said yesterday.

He sounded the alarm bell as he addressed a GCC business forum in Doha.

He urged the public and private sectors to join ranks and protect GCC economies and insulate financial markets.

Citing leading economists, he said the economic crunch would cause radical changes in the international financial system. The need to streamline laws for the GCC to keep pace with emerging global trends was also stressed.