According to a recent analysis from HSBC, the Gulf Cooperation Council (GCC) economies are expected to rise by 6.5% in 2022, making them one of the world’s best-performing regions and achieving their most significant growth in at least a decade.
In 2023, the growth forecast for GCC will be 5%, with Bahrain expecting a GDP growth of 4.3% in 2022 and 2.8% in 2023. Qatar’s growth is estimated at 4.6% and Kuwait’s GDP will grow by 7.2% in 2022, but dip to 2.6% next year.
According to International Monetary Fund (IMF), the Middle East and North Africa were earlier predicted to grow by 5%, up from 4.1% in 2021, while the GCC oil exporters were predicted to rise by 5.2% this year, with high oil prices and strong GDP growth overcoming the global challenges.
The HSBC Economist Roadshow, which travels around the world, has made its way to the Middle East with a positive outlook for the region’s economy in 2023 and anticipation that the Gulf countries will have the highest growth in the world in 2022.
This year’s roadshow stops include Riyadh, Abu Dhabi, Dubai, Kuwait City, Muscat, Doha, and Manama.
“Our expert economic analysis team always provides actionable insights and perspectives, especially in a time when conditions in the global economy are raising many questions about the outlook for growth, inflation, and investment,” said Chris Russell, CEO of HSBC in Bahrain.