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World Bank: Economic diversification efforts are bearing fruit in GCC

It is estimated that the economies of the Gulf Cooperation Council region will grow by 1% in 2023. Before rising again to record 3.6 and 3.7% in 2024 and 2025, respectively. According to the latest release of the World Bank’s report on the latest economic developments in the Gulf region.

This year’s weak performance is mainly due to the decline in oil sector activities. Which is expected to contract by 3.9% in the wake of successive OPEC+ production cuts, in addition to the global economic slowdown.

However, the decline in oil sector activities will be offset by non-oil sectors. Which are expected to grow by 3.9% in 2023, and 3.4% in the medium term, supported by sustainable private consumption, stable strategic investments, and accommodative fiscal policy.

The World Bank report noted, “To maintain this positive path, the Gulf Cooperation Council countries must continue to practice prudent macroeconomic management. Continue their commitment to structural reforms. And focus on increasing their non-oil exports,” said Safaa Al-Tayeb Al-Kokali, World Bank Director for the GCC countries. Gulf Cooperation. “However, it is important to acknowledge that there are risks that could have an adverse impact. The current conflict in the Middle East represents great risks for the region, and for the prospects of the Gulf Cooperation Council countries, especially if it expands, or if other regional players enter.  As a result Therefore, global oil markets have begun to witness greater volatility.”

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