Saudi Arabia’s economy grows at its quickest rate since 2011
According to a poll of analysts conducted by Reuters, the Gulf Cooperation Council countries’ economic growth will increase this year to levels not seen in the previous ten years.
The biggest threats, they suggested, were increasing inflation and a faltering global economy.
In the case of Saudi Arabia, the region’s largest economy, nearly 80% of respondents (17 out of 22) boosted their predictions from the last poll in January.
They predicted growth of 6.3 percent in 2022, up from 5.7 percent three months ago, with a drop to 3.2 percent the following year.
If this occurs, 2022 will see the highest growth since 2011, when the average oil price was around $111 per barrel.
Kuwait’s predicted growth is 6.4 percent, while the UAE’s is 5.6 percent, the fastest in approximately ten years.
Qatar, the Sultanate of Oman, and Bahrain are predicted to increase at over 4%, the fastest rate in several years.
Crude oil prices, which are the key driver of Gulf economies, increased sharply after Russia invaded Ukraine in February and have continued to rise, providing a significant boost to the region’s oil and gas-rich economies.
The survey, conducted by “Reuters” from April 12 to 22, predicted that the Gulf Cooperation Council’s six economies will develop at a rate of 5.9% this year, the fastest since 2012.