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GCC Economies Expected to Expand 5.9% in 2022: World Bank

Wahyu Dwi Anggoro - 24 May 2022 11:25 WIB
GCC Economies Expected to Expand 5.9% in 2022: World Bank
The GCC comprises six countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. (Photo: medcom.id)
Riyadh: The economies of the Gulf Cooperation Council (GCC) are projected to expand by 5.9% overall in 2022, with this recovery likely to continue in the medium-term, driven by the hydrocarbon and non-hydrocarbon sectors, according to World Bank's report.

The GCC comprises six countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
The latest issue of the World Bank’s Gulf Economic Update (GEU), “Achieving Climate Change Pledges,” describes them as rebounding robustly from the COVID-19 pandemic in the course of 2021 and at the beginning of 2022. 

It attributes the rebound to a broadly successful vaccination rollout across the GCC, the easing of pandemic restrictions, and developments in the hydrocarbon market. 

As a result, fiscal deficits have markedly improved, with the GCC external balance reaching pre-pandemic levels in 2021 as energy prices and export earnings strengthened.


"As GCC countries commit to the net-zero objectives laid out in their pledges and strategies, it is important to restructure energy and water subsidies and address the GCC’s challenge of moving to a more sustainable growth model less hydrocarbon dependent and managing the transition to a global low-carbon economic environment that risk to see their oil revenues reduced in the next few decades," said Issam Abousleiman, World Bank Regional Director for the GCC, in a press release on Monday.

As major hydrocarbon exporters, GCC countries may also benefit from changes in the energy markets brought about by the war in Ukraine. 

These countries may see strong fiscal and external surpluses, which could help spur consumer confidence and investments.

However, the war has also placed energy security at the top of the agenda of many major oil importers, thereby accelerating their plans for a transition to green growth. 

(WAH)

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