The World Bank expected that the economies of the Gulf Cooperation Council countries will return to the growth path, achieving an overall growth of 2.6 percent in 2021.
This came in the latest edition of the World Bank report on the latest economic developments in the Gulf region under the title "Seizing the opportunity for a sustainable recovery," where the report noted that the strong recovery in the countries of the region, which is due to the growth of the non-oil sectors and the rise in oil prices, will accelerate during 2022 in parallel with the gradual cancellation of oil production cuts in accordance with the OPEC Plus agreement, improving confidence in business enterprises, and attracting investments additional.
The report showed that the favorable conditions in the oil market reduced the imbalances that affected the public financial and external accounts of these countries, with the recovery of their export revenues. Noting that the medium-term future outlook remains subject to risks arising from the slowdown in the pace of global recovery, the renewed outbreak of the Coronavirus, and fluctuations in the oil sector.
Source (Al-Arabiya.net Website, Edited)
