The Institute of International Finance expected that the Gulf countries will achieve economic growth this year by 2.5 percent compared to a contraction of 4.9 percent in 2020. According to the data released by the IIF, the Gulf countries are expected to achieve a 3.1 percent growth in 2022.
The report indicated that the growth of the Gulf countries in 2021 will be supported by high oil prices and non-oil GDP growth by an average of 3.1 percent in 2021, after its decline by 4.1 percent at the end of last year. While the report showed a decline in the overall budget deficit of the Gulf states from 9.1 percent of GDP in 2020 to 1.2 percent in 2021.
Saudi Arabia is expected to achieve a growth of 2.4% this year and 3.1% next year, while the UAE will achieve growth of 2.6% this year and 3% next year, while the report expects that the Sultanate of Oman will achieve a growth of 1.4% and 3.1 % percent next year. Qatar's economy is expected to grow by 3.3 percent during the current and next year against a contraction of 3.1% last year. As for Kuwait, it will achieve a growth of 2.2 and 2.8 percent during the current and next year respectively, while Bahrain will achieve growth of 3.4 and 3.5 percent in 2021 and 2022, respectively.
Source (Al-Arabiya.net, Edited)
