High oil prices to power Gulf economies amid inflation risks | Reuters
The Gulf Cooperation Council's (GCC) economic growth will accelerate this year to a pace not seen in a decade, according to a Reuters poll of economists, who said high inflation and a slowing global economy were the biggest downside risks.
Crude prices, a major driver for Gulf economies, shot up after Russia invaded Ukraine in February and have remained elevated, giving a major boost to economies in the oil and gas-rich region. read more
An April 12-22 Reuters poll predicted growth overall in the six GCC economies would average 5.9% this year, which would be the fastest since 2012.
"GCC economies have seen a relatively strong start to 2022. The hydrocarbons sectors have benefited from increased oil production so far this year, with crude oil production up 12% on Q1 2021 for the UAE and 19% over the same period for Saudi Arabia," said Khatija Haque, chief economist at Emirates NBD.
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