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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Gulf economies will grow in 2022 at the fastest pace in 10 years

    Rocky
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    • Post n°1

    Gulf economies will grow in 2022 at the fastest pace in 10 years Empty Gulf economies will grow in 2022 at the fastest pace in 10 years

    Post by Rocky Tue 26 Apr 2022, 5:20 am

     Gulf economies will grow in 2022 at the fastest pace in 10 years

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    Economy News - Baghdad
    A poll expected that the economic growth of the Gulf Cooperation Council countries will accelerate this year at a pace not seen in the last ten years, indicating that high inflation and a slowdown in the global economy are the biggest risks to the economies of the GCC countries .
    Crude prices, the main driver of Gulf economies, rose after Russia invaded Ukraine in February, and kept rising, giving a major boost to the region's oil- and gas-rich economies .
    The Reuters poll of the views of economists expected that the overall average growth of the six economies of the Gulf Cooperation Council (GCC) would reach 5.9% this year, the fastest pace since 2012 .
    The World Bank expects the economies of the Gulf states to grow at a rate of 4.7% in the current year 2022, and decrease to 2.9% for the next year .
    Khadija Haq, chief economist at Emirates NBD, said, “The economies of the Gulf Cooperation Council (GCC) countries have had a relatively strong start to 2022. The hydrocarbon sectors have benefited from increased oil production since the beginning of the year, with crude oil production rising 12% in the first quarter of 2021 for the UAE. United Arab Emirates and 19% in the same period for the Kingdom of Saudi Arabia .
    She added, "The survey data for the first quarter of the year indicates a strong expansion in the non-oil sectors as well, with a strong growth in activity
    For Saudi Arabia; The region's largest economy, and the world's leading exporter of crude oil, about 80% of respondents, or 17 out of 22 respondents, raised their expectations compared to the previous poll in January .
    Participants in the survey, which was conducted from April 12 to 22, expected the Saudi economy to grow at 6.3% in 2022, up from 5.7% that was expected three months ago, which is followed by a decline to 3.2% next year .
    If that happens, growth in 2022 will be the fastest since 2011 when the average oil price averaged around $111 a barrel .
    The expected growth in Kuwait reached 6.4%, and in the UAE 5.6%, to be the fastest in about ten years, while the expected growth for Qatar, Oman and Bahrain came at about 4%, to be the fastest in several years .
    The economies of the region’s countries were severely damaged by the outbreak of the Corona virus epidemic during the year 2020, as the closures related to the Corona virus, and the faltering of the trade and tourism sectors coincided with the decline in the prices of crude oil, which is its main source of income .
    When asked about the two biggest risks facing the economies of the Gulf Cooperation Council countries this year, ten out of 12 economists said:
    They answered an additional question: rising inflation and a slowing global economy .
    Inflation has risen in most of the economies of the Gulf Cooperation Council (GCC) countries in the past few months on the back of rising food prices caused by the Russian-Ukrainian war .
    Although modest compared to many other countries, inflation in the GCC is expected to rise to more than 2% this year, with the highest average forecast coming from Qatar at 3.5% and the lowest for Saudi Arabia at 2.5 %.
    "In the face of rising global prices for goods and food, we have revised our inflation forecasts," said Ilker Domak, Citi's regional head of economics.
    For the year 2022 for the GCC region to be about 3.5% from about 2.5 %.”
    He added, "Since the Gulf Cooperation Council countries import 85% of their food, the continuous upward pressure on global food prices
    It could pose a challenge to policy makers in the region ."
    The uncertainty caused by the conflict in Ukraine could also have a negative impact on the global economy that is still recovering from the effects of the pandemic .
    The Gulf Cooperation Council countries, which depend heavily on energy export revenues, will face weaker demand due to the economic slowdown, especially in China, one of the world's largest importers of oil and gas .
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