The World Bank expects GCC economies to grow at a slower pace in 2023 compared to the previous year, due to declining oil and gas revenues and slowing global economic activity.
According to the World Bank's new Gulf Economic Update titled "The Health and Economic Burden of Non-Communicable Diseases in the GCC", the GCC economy is expected to grow by 2.5% in 2023 and 3.2% in 2024, compared to a remarkable growth of 7.3% in 2022, due to the strong increase in oil production for most of that year.
The poor performance was primarily due to lower hydrocarbon GDP, which is expected to contract by 1.3% in 2023 following the announcement of OPEC+ production cuts in April 2023 and the global economic slowdown.
Source (Al-Arabiya.net Website, Edited)
