Reuters expects GCC economies to grow at a much slower pace in 2023 than last year, as falling crude oil sales revenues and production cuts weigh down their resources.
According to Reuters, Saudi Arabia's economy will grow 3.2 percent this year, less than half its growth rate in 2022, which stood at 8.7 percent. In the UAE, economic growth is expected to slow to 3.7 percent in 2023 and 4.0 percent next year, well below the 7.6 percent recorded last year. Growth in Qatar and Bahrain is also expected to slow to 2.7 percent this year. Oman's economy will grow 2.6 percent in 2023, while Kuwait's economic growth will slow at a much greater pace to 1.5 percent.
Source (Al-Arabiya.net Website, Edited)
