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Gulf economic rebound to continue this year, says analysts

The Kingdom’s economy is also expected to surge 3.2 percent next year and 3.1 percent in 2023

The economic rebound of the GCC economies is expected to continue this year, media reports said. It is reported that the region’s largest economy, The Kingdom of Saudi Arabia’s GDP will surge 2.8 percent this year, which is less than earlier predictions of 3.1 percent three months ago.

While the Emirates’ economy is expected to surge 2.2 percent this year as compared to the 2.7 percent growth expected three months ago. The region’s GDP for tourism and commerce which shrank 6.6 percent in 2020 is expected to surge 3.5 percent next year.

Median forecast for Qatar is expected to grow 2.8 percent this year, 0.2 percent less than earlier predictions of 3 percent three months ago. Furthermore, the regions’ economy will surge 3.5 percent next year. Kuwait’s economy which recorded a 7.3 percent slump last year is expected to grow 2.2. percent in the current year, 0.4 percent less than earlier predictions of 2.6 percent. Analysts expected a 6.3 percent economic contraction for Kuwait GDP last year.

The Sultanate of Oman’s economy is expected to grow 2.1 percent this year, while Bahrain’s economy is expected to surge 2.5 percent versus forecasts of 2.5 percent and 2.6 percent GDP growth three months ago. Both the Sultanate and Bahrain are considered among the weakest economies in the GCC after their economies contracted 5.3 percent and 4.7 percent last year. Oman will also witness an economic growth of 2,7 percent next year.

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