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The economies of the Gulf Cooperation Council (GCC) are projected to grow at a slower pace in 2023 compared to the previous year, in the face of lower...

The economies of the Gulf Cooperation Council (GCC) are projected to grow at a slower pace in 2023 compared to the previous year, in the face of lower oil and gas earnings and a global economic slowdown, according to the new World Bank Gulf Economic Update (GEU). The GCC is expected to grow by 2.5% in 2023 and 3.2% in 2024. This compares to the region’s remarkable GDP growth of 7.3% in 2022, which was fueled by a strong increase in oil production for most of that year.

RIYADH: The private sector is considered a key driver in boosting Saudi Arabia’s gross domestic product and helping it become a productive economy, said Saudi Finance Minister Mohammed Aljadaan during the 2023 Budget Forum organized to review the performance of the government for the year 2022. The two-day event that began on Dec. 11 was attended by as many as 30 officials

S&P Global Ratings has revised its outlook on Bahrain to positive from stable on view that the government will continue efforts to cut budget deficit and it will benefit from high oil prices. S&P expects the kingdom's economy to expand 4.8% this year.

Saudi Arabia announced over the weekend a positive assessment of the economy during 2022, expecting a significant fiscal surplus for the first time in eight years. The International Monetary Fund also expects the Saudi economy to grow by 7.6 percent during 2022, making it the fastest-growing economy worldwide, with gross domestic product exceeding $1 trillion for the first