In a poll conducted by “Reuters”, the agency expected that the economic growth of the Gulf Cooperation Council countries would accelerate this year to a pace not seen in the last 10 years. Noting that high inflation and a slowdown in the global economy are the biggest risks.
As for Saudi Arabia, the region's largest economy, about 80 percent of respondents, or 17 out of 22 respondents, raised their expectations compared to the previous poll in January. According to respondents, growth is expected to be 6.3% in 2022, up from 5.7% expected three months ago, which is followed by a decline to 3.2% next year. If that happens, growth in 2022 will be the fastest since 2011 when the average oil price averaged around $111 a barrel.
According to "Reuters", the growth in Kuwait will reach 6.4%, and in the UAE, 5.6%, to be the fastest in about 10 years. The expected growth of Qatar, Oman and Bahrain at about 4 percent, to be the fastest in several years.
The survey, conducted by "Reuters" from April 12 to 22, expected the overall growth of the six Gulf Cooperation Council countries to average 5.9 percent this year, the fastest pace since 2012.
Source (Reuters, Edited)
