Economy: GCC countries with best growth

Economy: GCC countries with best growth
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Dubai: According to a World Bank Report, the economies of the GCC countries will grow by 5.9% this year with the support of petroleum, natural gas products, and the non-oil industry. Also, the UAE’s economy is expected to grow by 4.7% before the end of 2012. The report states that the GCC economy is well on its way to recovering from the Covid crisis. The region’s fiscal deficit is decreasing as a result. The sector has seen an increase in petrol prices, which has also helped to boost revenue and exports.

Investor confidence has been boosted by higher returns. In the wake of rising oil prices, the Saudi economy will see the greatest growth. Saudi Arabia will see 7.0% growth. Qatar will also grow by 4.9%. Oman will see a 5.6% increase.

Oil sector growth is expected to increase by 8%, while non-oil sector growth will be 2%. Kuwait will see a 5.7% growth. The growth rate in Bahrain will be 3.5%. The report states that the non-oil sector will be benefited by the transport, communications and fisheries industries. GCC countries are considering strong policies to reduce carbon pollution, and strengthen the nonoil sector.

According to the report, as sustainable development models around the globe strengthen, it is important that the current crisis in oil and subsequent recession in GCC countries over the next decades are considered. The need to strengthen non-oil sectors is growing. This report also stated that the GCC region requires a major overhaul.

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