Gulf sovereigns set to register stronger growth in 2022, says Fitch – ArabianBusiness

Gulf sovereigns set to register stronger growth in 2022, says Fitch – ArabianBusiness

Oil exporting sovereigns in the Middle East and North Africa (MENA) will register significantly stronger growth in 2022, according to Fitch Ratings as the OPEC+ taper drives large increases in oil output except in Bahrain and Qatar where oil production will remain stable.

High vaccination rates in the Gulf Cooperation Council (GCC) have driven gradual easing of economic restrictions in 2021, which will underpin non-oil real GDP growth of about 3 percent, it said in a new research note.

Elsewhere in MENA, Fitch said it expects mostly marginal improvements in growth, following partial recoveries from the pandemic in 2020.