Issam Abu Sulaiman, the World Bank’s regional director in the Gulf Cooperation Council, says in an interview with Al Arabiya that the World Bank’s expectations for the economic growth of the Gulf Cooperation Council countries are 2.6% for the year in course.
He explained that the Gulf countries have managed to control the repercussions of the pandemic on the economy with Vaccines are being accelerated more and more successfully than in many countries around the world, This will affect support for Gulf economic growth, bringing growth to 4.7% next year.
He said the Gulf countries responded financially in particular to the pandemic with the continuation of public spending, with the injection of large liquidity into the markets by supporting the debts of companies private, and this has formed a bond for companies to restore their business.
In detail, growth is expected quest2% year in Kuwait, by 2.4% in Saudi Arabia, by 2.7% in the Emirates, by 3% in Oman and Qatar and 3.5% in Bahrain, with the expectation of an increase in these percentages in 2022.
In its latest report, the World Bank indicated that the Middle East and North Africa region will see an uneven recovery in 2021. After GDP contracted 3.8% in 2020, the Bank now expects total growth 2.8% for the region’s economy.
He expressed the belief of the World Bank that there is a great challenge for the Gulf countries in the need to withdraw the incentives that support businesses, and that competitiveness is the guarantee for business continuity.
As for unemployment, Abu Suleiman said, Gulf countries have supported local employees or citizens and, with the expected growth, expatriate workers will return to play a role in economic activity.
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