Türkiye Extends LNG Supply Deal with Algeria Until 2027

Türkiye Extends LNG Supply Deal with Algeria Until 2027

World Bank Forecasts 3.6% Growth in GCC in 2024

The Gulf Cooperation Council (GCC) region is estimated to grow by 1% in 2023 before picking up again to 3.6 and 3.7 % in 2024 and 2025, respectively, according to the recently published World Bank Gulf Economic Update (GEU) report.

“The diversification efforts in the GCC region are paying off but more reforms are still needed,” said the report.

In Saudi Arabia, “the oil sector is expected to contract by 8.4 % during 2023 to reflect oil production curbs agreed within the OPEC+ alliance. Meanwhile, non-oil sectors are expected to cushion the contraction, growing at 4.3% supported by looser fiscal policy, robust private consumption, and public investment drive. As a result, overall GDP will show a contraction of 0.5% in 2023 before reporting a recovery of 4.1% in 2024 to reflect expansions of oil and non-oil sectors.”

The latest issue of the GEU report, titled “Structural Reforms and Shifting Social Norms to Increase Women’s Labor Force Participation” states that “the weaker performance this year is driven primarily by lower oil sector activities, which is expected to contract by 3.9%, to reflect OPEC+ successive production cuts and the global economic slowdown.”

“However, the reduction in oil sector