GCC Economic Growth Projected to Slow Down

The economies of the Gulf Cooperation Council (GCC) countries will grow more slowly this year compared to last, mainly due to subdued growth in oil prices and production cuts. This will have a direct impact on GSP GDP growth, which promises a sharp slowdown this year. Oil prices have risen recently, but oil price growth will stall in the coming months due to a slowdown in global demand. The economy of Saudi Arabia, the largest exporter, will suffer from this, the production of which will grow by 3.2%. Other GCC countries such as the UAE, Qatar, Bahrain, Oman and Kuwait are expected to see lower GDP growth rates. Overall, growth in most major economies is expected to slow this year amid sharp increases in interest rates and a hit to economic activity.