Economic analysts raise their expectations for the Gulf economies to grow next year

A Reuters poll, compiled by economic analysts from the Gulf Cooperation Council (GCC), showed that Gulf economies’ growth expectations for next year have been raised from previous expectations of last July.

Analysts had expected the Saudi economy to grow 5.1% next year, compared to previous 4.3% growth expectations.

Analysts attributed the increase in their expectations for the growth of the Gulf economies to the rise in oil prices, the decline in coronavirus cases, as well as the increase in the number of people vaccinated.

The Director of the Middle East and Central Asia Department at the International Monetary Fund, Dr. Jihad Azour, said the Fund raised its growth forecast for the Gulf economies by 0.8% from previous expectations six months ago.

He added, in An interview with Al-Arabiya on Tuesday that the main driver of raising these expectations is expected growth in the non-oil sector due to the speed of vaccination and government measures to support the economy.

Azour explained that the Fund’s current expectations are better than last spring’s expectations, especially with countries’ ability to open the economy at a rapid pace with improvement since the beginning of the year, and the non-oil sector will see growth. better than the oil sector quest’year.

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