Gulf Cooperation Council GCC economies will grow at a considerably slower clip in the current year due to the ongoing oil production cuts
, with Saudi Arabia ’s economy among the hardest hit, a Reuters poll of economists has predicted. A poll of 24 economists taken July 8-22 has predicted that Saudi Arabia 's economy will expand 1.3% in the current year, down from 1.9% forecast in an April survey and 3.0% predicted in January. However, the United Arab Emirates UAE, is expected to post a better growth rate at 3.7% as it soon ramps up oil production and continues to focus on tourism.
The impact on real GDP growth is clear – less investment means a more moderate growth outlook,' Ralf Wiegert, director of MENA economics at S&P Global Market Intelligence, has said. The GCC outlook for 2025 is brighter, with the Saudi economy expected to expand 4.5% in 2025 while the UAE is expected to grow 4.2%. Further, the region is expected to continue seeing a modest inflation rate, with median forecasts ranging between 1.0% and 3.
Oil Production GCC Middle East Saudi Arabia Output Cuts
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