A quarterly survey by "Reuters" showed that the six economies of the Gulf Cooperation Council are expected to recover and grow between 2 and 3 percent this year. According to "Reuters", the two largest economies in the region, Saudi Arabia and the United Arab Emirates, are expected to grow by more than 4 percent next year.
The forecast comes after a sharp drop last year in the wake of the oil price crash and the impact of the COVID-19 pandemic.
Reuters indicated that the basic assumption was that a long-term agreement would be reached, and we raised our expectations for 2022 against the background of baseline adjustments that will enable the UAE, Kuwait and Saudi Arabia to increase oil production and global market shares as of May 2022.
The poll estimated the growth of Saudi Arabia's economy at 2.3 percent on average this year, slightly lower than an expectation of 2.4 percent in a similar survey three months ago. It is also expected that the Kingdom's economy will witness a growth of 4.3 percent in 2022, an adjustment to an increase of 100 basis points. It is worth noting that the growth for 2023 was revised up by 30 basis points to 3.3 percent.
Source (Al-Arabiya.net website, Edited)
