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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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    The economy of the Gulf states is slowing down this year due to weak demand for oil

    rocky
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    The economy of the Gulf states is slowing down this year due to weak demand for oil Empty The economy of the Gulf states is slowing down this year due to weak demand for oil

    Post by rocky Tue 24 Jan 2023, 5:09 am

    The economy of the Gulf states is slowing down this year due to weak demand for oil

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    Economy News-Baghdad
    A Reuters poll of economists showed that the economies of the six Gulf Cooperation Council countries will grow this year at half the rate of 2022, with oil revenues affected by expectations of a moderate global slowdown.
    Crude oil prices, the main driver of Gulf economies, have fallen by more than a third from last year's highs and are expected to remain under pressure this year on fears of weak demand due to recession in major economies.
    Overall growth in the six GCC economies is expected to average 3.3% this year and 2.8% next year, according to the survey, which was conducted from January 9-23, down from 4.2% and 3.3% in the poll. Previously in October.
    Special economic stories The Arab Monetary Fund: Monetary tightening policies do not affect the Gulf economies for this reason!
    Recently, the World Bank revealed in its report on economic growth prospects for the Middle East region that the economies of the Gulf states, led by Saudi Arabia, recorded the highest annual growth rate in a decade at the end of last December, thanks to higher energy prices and increased production.
    The bank stated in its report that the Middle East and North Africa region witnessed a positive year, recording the highest annual growth rate in a decade, amounting to 5.7% in 2022, thanks to the rise in oil and gas prices and the increase in production volume.
    The GCC countries, led by Saudi Arabia, the UAE and Kuwait, were able to increase their production and export volume last year at the fastest pace in nearly 10 years, while maintaining inflation rates at levels well below the global average.
    The World Bank lowered its growth forecasts for these countries, reflecting the expected slowdown in major trading partners, new cuts in oil production, and the repercussions of tightening monetary policy.
    He expected the growth of the Saudi economy to slow to 3.7% in 2023 and then to 2.3% in 2024, while the UAE economy would record 4.1% this year, then slow to 2.3% next year.
    As for Kuwait's economy, its growth is likely to slow to 2.5% this year and 2024, according to the World Bank.


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    Added 01/24/2023 - 9:36 AM
    Updated 01/24/2023 - 1:58 PM
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      Current date/time is Wed 08 Feb 2023, 8:36 pm