GCC economies expected to grow an aggregate 2.2% this year – World Bank By Reuters – Investing.com

GCC economies expected to grow an aggregate 2.2% this year – World Bank By Reuters – Investing.com

By Davide Barbuscia

DUBAI (Reuters) -Economies of the Gulf Cooperation Council (GCC) will likely grow at an aggregate 2.2% this year after a 4.8% contraction last year caused by the pandemic and lower oil prices, the World Bank said on Wednesday.

"With recent progress made with the rollout of the COVID-19 vaccine globally and with the revival of production and trade worldwide, the prospects for an economic recovery are firmer now than at the end of last year," it said in a research report.