According to a recent poll of analysts conducted by Reuters, the six-member Gulf Cooperation Council’s economies would grow faster next year than previously expected, with the biggest danger to their outlook being a drop in oil and gas prices.
According to the poll, a higher COVID-19 vaccination rate, rising oil prices, and relaxation in lockdown and travel restrictions will help the oil-rich countries this year and next.
Even though these factors may improve the region’s short-term economic prospects, they are vulnerable to the region’s significant reliance on global oil consumption, especially as China, the world’s largest crude importer, experiences a slowdown.
The situation for the GCC neighborhood has brightened in recent months, with local and global reforms helping their economies. According to Maya Senussi, a senior economist at Oxford Economics, an increased oil output will be key in improving the regional GDP growth of these countries in the year 2022.”