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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.
GDP of Gulf countries could more than double to $13 trillion by 2050
RIYADH: Despite persistent efforts in the Gulf Cooperation Council to pursue reforms in the times of economic expansion, more work needs to be done to achieve a sustainable growth model with low hydrocarbon dependence, said a senior World Bank official. “The GCC has been very successful in the past couple of years in enduring a twin shock of COVID-19 pandemic and dropping oil