GCC Economic Recovery

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The Gulf countries are looking at economic growth in the coming years. According to reports, the GCC or Gulf Cooperation Council region which includes countries like UAE, Saudi Arabia, Qatar etc will see better economic performance in 2024 and 2025. 


The main reason for improved economy is higher oil production. As demand for oil increases globally after the pandemic years, the Gulf countries will produce more oil. This will help revenues and GDP growth. Besides oil, the non-oil sectors of these countries are also growing steadily in areas like tourism, real estate, transportation etc. The diversification of economy is reducing dependence on oil and supporting stable growth. 


Among GCC nations, UAE and Saudi Arabia will be the front runners in economic rebound. For UAE, reports forecast GDP growth of 3.9% in 2024 and 4.1% in 2025. The growth will be led by rising oil output and strong non-oil sectors. Saudi Arabia is seen growing 2.5% in 2024 and 5.9% in 2025, mainly backed by good performance of private businesses outside oil. Both countries are making large investments across industries to boost domestic demand and business activity.


In summary, the Gulf economic recovery has started, thanks to positive global trade outlook. Higher oil exports and diversification away from oil are backing this rebound led by powerful economies of UAE and Saudi Arabia in the region. Focus on new sectors, infrastructure projects and reforms will help sustain the recovery phase.

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