Gulf Economies to Witness 14.51% Growth During 2021

Gulf Economies to Witness 14.51% Growth During 2021

A report by Orient Planet Research (OPR), the market research unit of the Orient Planet Group (OPG), said that the economies of the GCC countries would witness a significant growth of 14.51 percent this year.

The report entitled “GCC Countries Macroeconomic Indicators 2021”, was released in partnership with information and communications technology (ICT) expert and independent researcher Abdul Kader Al Kamli.

According to the report, nominal gross domestic product (GDP) of the six Gulf countries, which together constitute about 60 percent of the total Arab region’s GDP in 2020, was projected to see positive growth in 2021.

Referring to the International Monetary Fund’s (IMF) projections, the report noted an economic turnaround for the GCC -- estimating that the region’s 2021 nominal GDP would be worth $1.61 trillion from last year’s $1.41 trillion.

Nidal Abou Zaki, Managing Director of OPG, said: “GCC economies will experience growth this year, with the same trend carrying over until 2022. The continuous rollout of the member countries’ COVID-19 vaccine programs, coupled with their economic diversification and sustainability policies, will be fundamental to their fast recovery and resiliency."

"Additionally, expectations of sustained increase in global oil demand, improving consumer demand and gradual but steady resumption of key economic activities, including in