The world bank's latest forecast is that the economic growth rate of GCC will be 2.2% in 2021
Writer： Hengfeng you electric Time：2021-08-12 views：times
The world bank's latest forecast is that the economic growth rate of GCC will be 2.2% in 2021
The Gulf economic report, COVID-19 and the road to diversity, released by the world bank website in August 4th, pointed out that the average growth rate of the six countries of the GCC (Gulf Cooperation Council of Arabia) was 2.2% this year, up 3.4% in 2022 and 3.2% in 2023. It is estimated that Bahrain (3.3%) will have the fastest economic growth in 2021, followed by Qatar (3.0%), Oman (2.5%), Kuwait (2.4%), Saudi Arabia (2.4%) and the United Arab Emirates (1.2%).
The above prediction is based on the expected recovery of the global economy at a growth rate of 5.6% in the post epidemic era and the recovery of world oil demand. Relevant analysts of the world bank pointed out that structural reform and strategic investment, especially in the fields of digitization, transmission and distribution and telecommunications, will help boost economic diversification in the region. It is expected that the fiscal deficits of Kuwait, Oman and Bahrain will continue from 2021 to 2023, but the deficit level will be lower than that in 2020. The GCC countries need to do more to diversify their fiscal revenues.
