Pace of growth in GCC economies to accelerate in 2022 – The National

Pace of growth in GCC economies to accelerate in 2022 – The National

Gulf Co-operation Council economies are expected to grow at a faster pace in 2022 as they continue to recover from the coronavirus pandemic on the back of higher oil prices and the expansion of their non-oil sector, Emirates NBD has said.

Gulf economies are forecast to grow 5.1 per cent on average this year, after rebounding to 2.3 per cent in 2021 and following a 4.9 per cent contraction the previous year when the pandemic began, Dubai’s biggest lender by assets said in the report, written by its chief economist and head of research Khatija Haque.

“The recovery in the GCC economies gained momentum in the second half of 2021 as travel restrictions eased, tourism rebounded and domestic demand strengthened,” the report said.