In a recent report, Fitch Ratings predicted that oil exporters in the Middle East and North Africa (MENA) region will record stronger growth than this year in 2024.
Fitch attributed its forecast to "the momentum in non-oil real GDP and the stability of large-scale oil production," warning that the conflict between Israel and the Palestinian resistance still poses "some risks" of regional escalation, in reference to the likelihood that the war will not have a negative impact on the growth of the economies of the Gulf states.
Fitch expects the GCC's good fiscal performance to continue in 2024 as oil production and prices stabilize and sees the potential for non-oil economy growth of an average of 3.5 percent.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
