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  • 28-07-21

    Economies in Gulf Cooperation Council to grow 2 percent to 3 percent in 2021

    (MENAFN) According to a quarterly Reuters survey, the six economies in the Gulf Cooperation Council (GCC) are set to recover and increase 2 percent to stand at 3 percent in 2021 as the region’s two largest economies, Saudi Arabia and the UAE, are estimated to improve 4 percent in 2020.

    That outlook came after sharp drops in 2020 when an oil price crash and the impact of the COVID-19 pandemic, as analysts estimated Saudi Arabia, the UAE and Kuwait to get advantage from an OPEC+ deal to increase oil production.

    Monica Malik, chief economist at Abu Dhabi Commercial Bank stated that “Our core assumption was that a longer-term deal would be secured, and we raise our 2022 forecasts on the back of the baseline adjustments, which will enable the UAE, Kuwait and Saudi Arabia to raise oil output and their global market share from May 2022.”

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