The International Monetary Fund expected the Arab Gulf states to achieve a relatively high growth rate of about 6.3 percent this year, compared to 3.1 percent in 2021.
This assessment comes as a result of a number of factors supporting growth in both the oil and non-oil sectors, and the positive impact of the applied economic reforms, in addition to continuing to adopt stimulus packages in support of recovery from the pandemic.
In the report, "Arab Economic Prospects," the Fund indicated that the oil-exporting countries will benefit in 2022 from the increase in oil production quantities within the framework of the OPEC + agreement. As oil producers in the Gulf benefited from the sharp rise in crude prices since the beginning of last year and the rise in demand after the easing of closure restrictions in most countries due to the epidemic.
According to the report, the continued increase in oil and gas prices in international markets will support the levels of public spending that stimulate growth in these countries, bringing the expected growth rate to six percent this year, compared to 3.2 percent a year ago.
Source (Al-Arab Newspaper of London, Edited)
