UAE, Saudi Arabia to lead GCC’s GDP growth in 2022 | Banking – Gulf News
High oil prices, broad based business recovery, and rising foreign capital inflows are expected to see faster economic recovery in GCC led by the UAE and Saudi Arabia, according to economists.
“Elevated oil prices, higher oil production and robust momentum in non-oil activity, buoyed by rapid vaccination, will see GCC GDP growth print at 6.1 per cent in 2022 – fastest pace of cyclical expansion since 201,” said Ehsan Khoman, Head of Emerging Markets Research at MUFG.
Based on consistent improvement in economic conditions led by improving fiscal and external balances, many economists have revised their growth outlook of GCC in recent weeks.
The Institute of International Finance (IIF) has forecast GCC’s aggregate growth to pick up from 2.8 per cent in 2021 to 5.2 per cent in 2022 supported by higher hydrocarbon production and prices leading to combined current account surplus to surge from $131 billion in 2021 to $182 billion in 2022.
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