GCC economies’ growth to accelerate at a faster pace in 2022; Reuters Poll

GCC economies’ growth to accelerate at a faster pace in 2022; Reuters Poll

The Gulf Co-operation Council (GCC) economies are expected to grow at a faster pace in 2022, according to a new Reuters poll of economists who warned the risk to that outlook was skewed to the downside.

Last week, the crude oil prices climbed to their highest since 2014, mainly due to the escalating global political tensions involving major producers including the UAE and Russia, which could worsen already tight supplies, the report suggests.

The poll of 25 economists forecasts that all six economies in the GCC would grow faster this year than it was expected three months ago.

According to reports, Saudi Arabia was predicted to top the list with a growth of 5.7 percent, followed by Kuwait and UAE with 5.3 percent and 4.8 percent respectively. Economic growth in Qatar, Oman and Bahrain was expected to average between 3 percent – 4 percent for 2022.

Khatija Haque

Head – Research

Chief Economist

Emirates NBD “Despite the relatively tight fiscal policy, and some external headwinds, we expect the GCC economies to see faster growth in 2022 as they continue to build on the progress made last year. While the outlook for 2022 remains broadly constructive, there is still a high degree of uncertainty especially with regards to