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GCC Economic Growth Expected to Slow to 2.5% in 2023
The economies of the Gulf Cooperation Council (GCC) are projected to grow at a slower pace in 2023 compared to the previous year, in the face of lower oil and gas earnings and a global economic slowdown, according to the new World Bank Gulf Economic Update (GEU). The GCC is expected to grow by 2.5% in 2023 and 3.2% in 2024. This compares to the region’s remarkable GDP growth of 7.3% in 2022, which was fueled by a strong increase in oil production for most of that year. The weaker performance is driven primarily by lower hydrocarbon GDP, which is expected to contract by 1.3% in 2023 after the OPEC+ April 2023 ... (full story)