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The Gulf Cooperation Council (GCC) economy remains one of the top performers in the world, with the regional gross domestic product (GDP) forecast to nearly triple in nearly three decades, a top official said.
Secretary- General of the Gulf Cooperation Council (GCC) for Arab States Jassim Al-Budaiwi said that the GDP for GCC countries reached $2.4 trillion in 2022 and is on track to expand to $6 trillion by 2050.
The official made the comments on the sidelines of a reception held by Kuwait Banking Association for heads of Kuwaiti banks taking part in the annual meetings of the World Bank Group and the World Fund in Marrakesh, Morocco, the Kuwait News Agency reported on Friday.
Established in 1981, the GCC bloc includes Kuwait, Saudi Arabia, the UAE, Qatar, Bahrain and Oman.
The World Bank forecast in May that the GCC economies are likely to grow at a slower pace this year compared to the previous year due to lower oil and gas earnings and a global economic slowdown.
The GCC economy could grow by 2.5% in 2023 and 3.2% in 2024, the World Bank Gulf Economic Update said.
(Writing by Cleofe Maceda; editing by Seban Scaria)
