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  • 25-01-23

    Poll: Gulf economies to decelerate in 2023 due to lower oil request

    (MENAFN) Economies in the six-member Gulf Cooperation Council is going to expand in 2023 at 50 percent of the level of the year before as oil incomes impacts from an anticipated mild worldwide stoppage, as said by the average opinion from a news agency poll of economists.

    Crude oil rates, a main driver for Gulf economies, are decreasing over a third from 2022’s peaks and were projected to stay below weights in 2023 due to worries of a recession in main economies sapping request.

    Total expansion in the six GCC economies was estimated to average 3.3 percent as well as 2.8 percent in 2023 and 2024 individually, the Jan. 9-23 poll presented, decreasing from 4.2 percent as well as 3.3 percent in the prior poll.

    "The outlook for 2023 is more cautious given the weaker external environment, although the GCC will likely continue to outperform many developed economies in terms of GDP growth," according to what was written by Khatija Haque, chief of research and head economist at Emirates NBD.

    Adding, "While oil and gas output growth is expected to slow this year, continued investment to boost production capacity in the region should see the sector contribute positively to headline GDP again in 2023."

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