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According to the World Bank Gulf Economic Update (GEU), the economies of the Gulf Cooperation Council (GCC) are expected to grow at a slower rate in 2023 due to a global economic slowdown and lower oil and gas earnings. In 2023, the GCC is projected to grow by 2.5% and by 3.2% in 2024. In 2022, the region’s GDP grew by an impressive 7.3% due to a substantial increase in oil production. The decline in performance is mainly due to lower hydrocarbon GDP, predicted to decrease by 1.3% in 2023 after the OPEC+ April 2023 production cut announcement. Nonetheless, the non-oil sector’s robust growth, expected to reach 4.6% in 2023, will offset the hydrocarbon activities shortfall, boosted primarily by private consumption, fixed investments, and a more relaxed fiscal policy in response to 2023’s relatively high oil revenues
According to the World Bank Gulf Economic Update (GEU), the economies of the Gulf Cooperation Council (GCC) are expected to grow at a slower rate in 2023 due to a global economic slowdown and lower oil and gas earnings. In 2023, the GCC is projected to grow by 2.5% and by 3.2% in 2024. In 2022, the region’s GDP grew by an impressive 7.3% due to a substantial increase in oil production. The decline in performance is mainly due to lower hydrocarbon GDP, predicted to decrease by 1.3% in 2023 after the OPEC+ April 2023 production cut announcement. Nonetheless, the non-oil sector’s robust growth, expected to reach 4.6% in 2023, will offset the hydrocarbon activities shortfall, boosted primarily by private consumption, fixed investments, and a more relaxed fiscal policy in response to 2023’s relatively high oil revenues
