The Arab Monetary Fund expected that the growth rate of the Arab economies would rise to about 5% in 2022, the Arab oil-exporting economies by about 5.6 percent, the Gulf Cooperation Council countries in 2022 to reach about 5.8 percent, and the Arab oil-importing countries by 3.7 percent.
According to the "Arab Economic Prospects" report issued by the Fund, which includes expectations of the overall economic performance of Arab countries on a number of levels during 2022 and 2023, it is expected that the deficit in the combined general budget of Arab countries will decrease in 2022 to reach 2.4 percent of GDP. The Gulf Cooperation Council states achieving a surplus in their combined budget in 2022, as well as the increase in the current account surplus of the Arab countries as a group to reach about $186.6 billion. That is, an increase of 44.1 percent, or about 6.4 percent of the gross domestic product of Arab countries.
The report showed that while the world was striving at the beginning of 2022 to overcome the economic and social repercussions of the spread of the “Covid-19” virus and its variants for the third year in a row, the global economy has witnessed unfavorable global developments that have resulted in higher prices for many agricultural and industrial commodities and energy materials, and greater challenges for international supply chains.
Source (Emirati Gulf Newspaper, Edited)
