According to a survey conducted on January 24, 2023, Reuters predicted that GCC economies will grow on average by 3.3 percent this year and 2.8 percent in 2024. These expectations, which are contrary to the expectations of the performance of the global economy, are due to the ability of the Gulf countries during 2022 to distance themselves from the global turmoil caused by geopolitical tensions, the Ukrainian-Russian war, the energy crisis, worsening inflation rates, and market volatility.
Reuters' forecast matches that of First Abu Dhabi Bank (FAB), as the GCC region will continue to outperform the global economy in terms of growth in 2023, according to a statement issued by the UAE bank on January 23.
According to the same report, expectations indicate that the gross domestic product of the Gulf region will reach about 4.2 percent this year, after reaching about 6.5 percent by the end of 2022, which means a slowdown in the growth rate, but below the level of weakness expected globally.
Source (Al-Araby Al-Jadeed, Edited)
