GDP of Gulf countries could more than double to $13 trillion by 2050

GDP of Gulf countries could more than double to $13 trillion by 2050

Muscat: The combined gross domestic product (GDP) of the hydrocarbon-rich Gulf countries could more than double from a projected $6 trillion to $13 trillion by 2050, if the countries embrace a green growth strategy, according to a research report. The combined GDP of the GCC countries has already touched the $2 trillion mark and investment in green and sustainable projects could transform the region into a global economic powerhouse, according to Gulf Investment Report 2023, published by Century International Holdings. "Gulf Investment Report 2023 has been initiated by Century Group as a knowledge series developed through in-depth data compilation for the wider industry stakeholders that will help them chart their future growth strategy and re-adjust their expansion plan as per the ground reality," Bal Krishen Rathore, Chairman of Century International Holdings Ltd (CIHL), said. However, the economic potential of the Gulf countries is not reflected in the global Foreign Direct Investment (FDI) ranking published every year in the annual World Investment Reports released by the United Nations Conference on Trade and Development (UNCTAD). Total FDI flow into the GCC region declined 17. 91 percent to $37. 12 billion in 2022, down from $45. 22 billion recorded in 2021, despite the