According to a recent report by the GCC Statistics Center, the economies of the GCC countries are expected to grow by 3.1% overall in 2021.
According to the report published in Arab News, this increase is reversing the decrease of 5.2% last year.The increase is attributed to higher oil production forecasts for the fourth quarter of the year.
The lifting of transport restrictions and the increase in corona vaccination rates after the adverse effects of the corona epidemic have subsided are also contributing to this development.
According to the report, the GCC economy is expected to grow by 2.7% by next year and expand further to 3.6% in 2023.
The GCC Statistics Center also plans that the non-oil economy will expand by 3.4% in 2021.
In the next two years, the growth rate will be 3.7% and 4.2% respectively.
One of the reasons for this is the lifting of travel bans imposed by the GCC countries due to the Corona epidemic.
Apart from revival of private sector activities, improvement is also expected in the transport and retail sectors.
According to a conservative estimate, oil production is expected to increase in 2022.
In addition, some of the problems that still plague include the introduction of a new type of corona, OM cron, as well as a slowdown in corona vaccination in developing countries.
