The World Bank has said the economies of the Gulf Cooperation Council (GCC) are projected to expand by 5.9 percent overall in 2022, with this recovery likely to continue in the medium-term, driven by the hydrocarbon and non-hydrocarbon sectors.
The GCC comprises six countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
As major hydrocarbon exporters, GCC countries may also benefit from changes in the energy markets brought about by the war in Ukraine, the World Bank said.
These countries may see strong fiscal and external surpluses, which could help spur consumer confidence and investments.
Gradual recovery of markets from pandemic effects and high oil prices saw the GCC countries, especially the United Arab Emirates and Qatar, make significant economic gains.
UAE and Qatar score above seven (on the scale of 1-10) on the seven criteria used to measure the economic status of a country.
The TRENDS takes a look at how each of the GCC economy performed on these criteria in 2021-22.
