In its report on economic growth prospects for the Middle East, the World Bank revealed that the economies of the Gulf States, led by Saudi Arabia, recorded the highest annual growth rate in a decade at the end of last December, thanks to higher energy prices and increased production.
According to the bank's report, the Middle East and North Africa region witnessed a positive year, recording the highest annual growth rate in a decade, amounting to 5.7 percent in 2022, thanks to the rise in oil and gas prices and the increase in production volume. The GCC countries, led by Saudi Arabia, the UAE, and Kuwait, were able to increase their production and export volume last year at the fastest pace in nearly 10 years while maintaining inflation rates at levels well below the global average.
The World Bank lowered its growth forecasts for these countries, reflecting the expected slowdown in major trading partners, new cuts in oil production, and the repercussions of tightening monetary policy. The bank expected Saudi Arabia's economic growth to slow to 3.7 percent in 2023 and then to 2.3 percent in 2024. While the UAE economy is growing by 4.1 percent this year, then slowing down to 2.3 percent next year. As for Kuwait's economy, its growth is likely to slow to 2.5 percent this year and 2024.
Source (Al-Arabiya.net Website, Edited)
