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In detail: World Bank forecasts 2023 economy growth for UAE, Saudi, Qatar, Bahrain, Oman and Kuwait

The economies of the Gulf Cooperation Council (GCC) are projected to grow at a slower pace in 2023 compared to the previous year, in the face of lower oil and gas earnings and a global economic slowdown, according to the new World Bank Gulf Economic Update (GEU). The GCC is expected to grow by 2.5 per cent in 2023 and 3.2 per cent  in 2024. This compares to the region’s remarkable GDP growth of 7.3 per cent in 2022, which was fuelled by a strong increase in oil production for most of that year.

Link: https://www.arabianbusiness.com/politics-economics/in-detail-world-bank-forecasts-2023-economy-growth-for-uae-saudi-qatar-bahrain-oman-and-kuwait

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