A senior administrator revealed that the member states of the Gulf Cooperation Council (GCC) experienced a notable 7.3 percent growth in their gross domestic product (GDP) for the year 2022. Additionally, the non-oil sector witnessed a substantial 4.8 percent increase.
As reported by the Saudi Press Agency (SPA), GCC Secretary-General Jassim Mohammed Al-Budaiwi unveiled the growth rate during the meeting between Arab governors and the President of the World Bank Group (WBG), Ajay Banga.
Read more: Outlook on GCC economies improves, but challenges remain
The meeting occurred on the sidelines of the International Monetary Fund (IMF) and WBG gatherings in Marrakech, Morocco.
During his speech, Al-Budaiwi underscored the substantial threat that the economic challenges posed to the collective objective of achieving a poverty-free world characterized by sustainable development and shared prosperity.
He highlighted that the global economy is currently traversing a path filled with risks.
WBG predicts a significant deceleration in global economic growth in the forthcoming years. Al-Budaiwi emphasized the importance of a collective commitment to shared values and objectives in addressing these global challenges.
Sustainable solutions
Acknowledging the imperative for cooperation and collaboration in an interconnected global landscape, Al-Budaiwi emphasized the need for sustainable solutions to mitigate the impacts of worldwide economic challenges. He highlighted the importance of collective efforts and measures taken by the international community, global financial institutions, and bilateral and multilateral agreements between nations and multinational organizations to achieve these solutions.
GCC progress
Al-Budaiwi praised the progress made by GCC countries in implementing structural reforms to tackle economic challenges. These reforms have had a positive impact on the economy, enhancing the business climate, improving competitiveness, and promoting the participation of women in the workforce.
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