The World Bank: questgrowth of 2.2% is expected for the economies of the Gulf countries

The World Bank said today, Wednesday, that the Gulf Cooperation Council economies are likely to grow at a total rate of 2.2% questyear, after a 4.8% contraction last year due to the Covid-19 pandemic and low oil prices.

In a research report, the bank said: “In light of recent progress The latest in the distribution of COVID-19 vaccines in WorldwideAnd with global manufacturing and trade resuming, the prospects for economic recovery are now stronger than at the end of last year.

He continued: “Despite the persistence of risks, expectations indicate an overall positive shift for the GCC economy of 2.2% in 2021 and growth media annual rate of 3.3% in 2022-23 “.

The International Monetary Fund predicted last April that most of the economies of the Gulf region would recover quest’year at a faster pace than previously estimated, as it raised its global growth forecast in 2021 to 6% from 5.5% in less than 3 months ago.

In its World Economic Outlook, published in the second quarter of questyear, the Fund said it expects the Saudi economy, which is the largest in the region, to strengthen in the non-oil sector.

Interestingly, the International Monetary Fund said unprecedented public spending to combat the Covid-19 pandemic, in particularly in the United States, it will push global growth to 6% questyear, the fastest pace since 1976.

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