$98 3billion in 2022. The UAE's real GDP growth is projected to be 4.2 per cent in 2022 and 3.8 per cent in 2023. Fuel and food prices have increased rapidly, hitting vulnerable populations in low-income countries hardest. The Jan. 11-19 poll of 25 economists forecast all six economies in the Gulf Cooperation Council would grow faster this year than was expected three months ago. The . Fuel and food prices have increased rapidly, hitting vulnerable po For MENA as a whole, the IMF has forecast an. ocd urges examples facial contraindications for lupus. The Sultanate also foresees a rise in non-oil revenue to around OMR 3.3 billion in 2022, up 6% from around OMR 3.2 billion in 2021 budget. "Even if the current wave of Covid-19 infections weighs on services sectors, particularly tourism and hospitality in the near term, we expect the impact on the broader economy will be limited," Emirates NBD . Tuesday, 19 July 2022 5.8/10 rating (19 votes) This report highlights the latest macroeconomic developments at the level of the GCC, while looking at the prospects and trends of the GCC economy in the near future. ECONOMIC REPORTS Population and Labor 26.10.2022 Kuwait: Population increased in 1H22, though still well below pre-Covid peak Download 342.23 kb ECONOMICS, GCC MACRO - 21.07.2022 Bloomberg: June UAE PMI and Dubai tourism outlook. There is, in fact, already signs that China and the Gulf may well be taking concrete steps towards the China-Gulf Coopertaion Council (GCC) Free Trade Agreement, negotiations for which began in 2004 and came to halt in 2016. Bahrain In January 2022, foreign ministers of key Gulf states - Saudi Arabia, Kuwait, Oman, Bahrain - as well as the . 2. According to its estimations, GDP at real prices expanded by 12.2% compared to the same period in 2021, with the oil sector growing by by 22.9% YoY and non-oil sector by 8.2% YoY. Are mainly based on the pursuit of structural reform measures by some of the world's major countries to minimize the member countries' reliance on oil. The GCC's corporate earnings outlook remains robust for the remainder of 2022, buoyed by higher oil prices and improving demand. WriteCaliber offers the latest business and financial news from over 120 sources across the Middle East covering 14 sectors in 9 different countries. Governments in the region undertake policy . With economic diversification a leading concern for GCC economies, this publication details the structure, key stakeholders, and strategic contribution of chemicals and petrochemicals to economic diversification in the region. Article. The outlook for the Middle East remains positive despite a significant downgrade in global GDP growth, rising CPI inflation and rising interest rates. . Monetary policy in check until late 2022 across most of the region A latest Economic Insight report, commissioned by ICAEW and compiled by global advisory firm Oxford Economics, revealed a positive regional economic outlook despite a significant . IMF's latest World Economic Outlook published in January has no new forecast for the region except Saudi Arabia. Tuesday, 19 July 2022 Specifications. ECONOMICS, GCC MACRO - 16.06 . Brazil economic outlook, October 2022. There is a possibility that the implications of the uncertainties in Europe are amplified beyond the scope of the report's downside scenario. Risks include extreme weather, changes to OPEC+ . The global economy in 2022 - 5 charts from the World Bank | World Economic Forum. October 2022 Loan Duration: 12 MONTHS Calculate Apply Now This is for demonstrative purpose only. High vaccination rates in the Gulf Cooperation Council (GCC) have driven gradual easing of economic restrictions in 2021, which Fitch Ratings expects to underpin average non-oil real GDP growth of about 3%. Call 19336 or visit a branch for exact calculations -Assuming that you have paid all your installments on time - Your loan term did not have a grace period with no partial payments - Government loans cannot be refinanced Term Deposit Calculator The GCC chemicals and petrochemicals industry demonstrated considerable resilience in the face of Covid-19 and oil price fluctuations. The Economic Outlook for 2026 to 2031 In CBO's projections, the economy continues to expand from 2026 to 2031. Supportive oil prices and higher production than in 2021 will strengthen public finances in 2022, providing governments with . The GCC economic outlook. Meanwhile, Kuwait Financial Centre "Markaz" recently released its Monthly Market Review report for the month of January 2022. GCC Light Vehicle Aftermarket Outlook, 2021. The Covid-19 pandemic dealt an unprecedented blow to the GCC economy, causing . This report highlights the latest macroeconomic developments at the level of the GCC, while looking at the prospects and trends of the GCC economy in the near future. Also See: G8 Countries 2022 Khatija Haque, Chief Economist and Head of Research at Emirates Nbd discusses the impact of higher U.S. interest rates could have on bonds in the MENA region and . Article. All GCC markets gained for the month. Dubai Population 2022 (Demographics, Maps, Graphs) Dubai Population 2022 2,964,382 Dubai is located in the United Arab Emirates and is the capital city of the Emirate of Dubai. GDP growth is set to accelerate in 2022, as oil exporters benefit from higher average oil quotas and prices. Muscat - The combined GDP of six GCC countries is expected to grow by 6.7 per cent this year, the fastest growth rate since 2011, thanks to higher oil prices and increased production in the energy-rich region. Economic growth in the GCC remains solid, increasing on average from 2.08% in 2021 to 5.22% in 2022. In 2020, the GCC is projected to be a US$2trn economy, providing nearly one-quarter of the world's oil supplies as well as increasing Oil production is expected to increase by 8.6% in 2022 as OPEC+ lifts quotas and new capacity at the Al Zour refinery comes online. Article. "GCC countries have benefitted from sharply higher oil prices, turning budget deficits into surpluses, and increased . As the global economy mends, the 2021 growth of Construction Scheduling Software will have significant change from previous year. The outlook for the GCC in 2022 remains "broadly constructive" despite uncertainty surrounding the Omicron variant, the report said. The recovery during 2021-2022 will be felt across both the hydrocarbon and non-hydrocarbon sectors. Economic Growth. . Driving inflation and monetary tightening The sharp rise in inflation experienced in emerging and advanced economies (especially so in the US and Europe), has been driven by: Fixed Interests PODCAST / 26 Oct 2022 US Economic Outlook and Implications of the Midterm Elections. GCC economic outlook HSBC economists forecast 5 percent growth for GCC economy by Staff Writer In its Economist Roadshow in Kuwait City, the bank says Kuwait's GDP will grow 7.2 percent for 2022, but dip to 2.6 percent next year Latest in GCC economic outlook GCC regional trade and investment outlook for 2022 by Joe Hepworth MUFG says that strong non-oil economic sector activity in the GCC will add to momentum in 2022. GCC Fiscal Update . Join us. With the economic diversification and development of non-oil industries, the GCC region's economy is expected to recover and grow from 2021 onward. The Q3 2022 US Economic Forecast takes an in-depth view of the US economy and explores issues such as inflation worries and concerns about a probable recession. The revised forecast is based on an assumed average oil price of $107 a barrel in 2022. At 5.5%, our 2022 growth forecast for the region is slightly up on three months ago, underpinned by solid projections for activity in the GCC economies where we now see GDP growing by 6.7% this year. Download full report (PDF) Investment themes 01 Consensus among agencies is that the oil price is predicted to be at the USD 40-50 range in the coming two years . Last year's estimated contraction has been revised upwards to 3.9 per cent from the October projection. Overall, we forecast GDP growth in the GCC will accelerate to 5.1% on a nominal GDP-weighted basis in 2022, with the oil and gas sector contributing meaningfully to this faster growth. European CFO Survey - Spring 2022. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January. Those provisions will boost the level of real GDP by 1.5 percent, on average, in calendar years 2021 and 2022, CBO estimates; the bulk of the impact will occur in 2021. The GCC banking sector continues to be a key beneficiary of. Saudi Arabia was predicted to top the list with a growth of 5.7%, followed by Kuwait and UAE with 5.3% and 4.8% respectively. IMF revises up economic growth forecast in the MENA region to 5.0% in 2022 (2021: 5.8%) Note that MENA growth upgrade happened alongside a downward revision of global growth by the IMF to 3.6% in 2022 and 2023 (2021: 6.1%). 1 week ago. Key findings of the first phase of our research on the GCC and the global economy include the following: l The GCC will grow in importance as an economic and trading hub. Elsewhere, Fitch expects mostly marginal improvements in growth, following partial recoveries in 2021. 2022 MIDYEAR GLOBAL OUTLOOK Back to a volatile future We are braving a new world of heightened macro volatility - and investors are demanding more compensation for the risk of holding both bonds and equities. February 3, 2022 GDP growth in the GCC countries will see a rise of 6.1 per cent in 2022, on the back of higher oil prices, increased oil production and strong momentum in non-oil activity,. GCC Logistics Outlook, 2021. NBK provides you with timely economic research and analysis on local, regional and international markets, keeping you better informed and up-to-date on the latest trends and developments. More See all Economic growth Inflation indicators Forecast updates Forecast summary Origin of GDP (% real change) Industry China is a major revenue source for the region and the Oct. 10-19 Reuters poll showed overall growth in the six economies comprising the Gulf Cooperation Council (GCC) would slow to 4.2% next. Moody's expects higher hydrocarbon production to provide a fillip to the ongoing economic rebound in GCC countries in 2022, with growth rates set to accelerate. Meanwhile, oil importers will generally lose steam due to higher inflation. We stay pro-equities on a strategic horizon but are underweight in the short run. Khatija Haque discusses the latest PMI data for the UAE and Saudi Arabia, as well as the outlook for tourism in Dubai a stronger US dollar environment on Bloomberg Daybreak Middle East. 'The hydrocarbon sector will grow by 7.4 per cent in 2022, after a 0.5 per cent contraction in 2021, and contribute more than two percentage points to real, inflation-adjusted GDP . Dubai; Dubai forecasts 3.1% economic growth in 2021, 3.4% in 2022. According to our (LP Information) latest study, the global Construction Scheduling Software market size is USD million in 2022 from USD million in 2021, with a change of % between 2021 and 2022. Fitch has revised Saudi Arabia's outlook to positive from stable, citing improvement in sovereign balance sheet, higher oil prices and the country's commitment to fiscal consolidation. Qatar economy has benefited from infrastructure projects related to 2022 World Cup in Qatar. The Global Economic Outlook report highlighted that, depending on what the scenario is, global GDP growth could lie between 3.3%-4% and 2.5%-3.2% in 2022 and 2023, respectively. | October 10th 2022 Middle East chart of the week: GCC pegs and monetary policy US dollar currency pegs compel the GCC to closely follow US rate rises despite relatively low inflation in the region. in september, respondents in most regions cite inflation as the main risk to growth in their home economies for the second quarter, according to the latest mckinsey global survey on economic conditions. Logistics industry growth in the Gulf Cooperation Council (GCC) region is catalyzed by the increasing contribution of the non-oil sector to GDP, infrastructure development, growth of free trade zones and industrial parks, and greater regional trade cooperation. The fund also said that the UAE's GDP will expand to about $501bn in 2022, a 17 per cent revision on the $428bn projection it made in October 2021. . As the GCC economic recovery builds momentum in 2018, mergers and acquisitions (M&A) activity in the region is also expected to increase. GCC's largest economy, Saudi Arabia, is expected to record a 2.6 per cent growth in 2021. This continued growth in non-oil revenues supports Oman's objective of reducing its dependency on oil and gas revenues. GCC oil exporters have brighter economic outlook, while the growth is going to be uneven for the Mena region with the oil importers lagging. 1 geopolitical instability and conflicts remain a top concern as well, most often cited as the greatest risk to global growth over the next 12 Weekly Insights 29 Apr 2022: Insights from the IMF Regional Economic Outlook for the MENA region (GCC focus) 1. Global growth is projected to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023. IHS Markit currently projects average MENA CPI growth to reach 5.8% in 2022 and 4.0% in 2023, after surging to an estimated 11.3% in 2021, with consumer prices edging up in GCC states but inflation remaining moderate at around 1.5% during the same period. IMF has estimated GCC region's economy to grow by 6.4% in 2022, with Saudi Arabia expected to grow by 7.6%. Shelly Shetty, Managing Director, Sovereigns, and Richard Francis, Senior Director, Sovereigns, discuss the potential economic implications of mid-term elections in the U.S. . 30 Sep 2022. GPCA analysis . Economic growth in Qatar, Oman and Bahrain was expected to . UAE economy shows strong growth in Q1. The baseline forecast is for growth to slow from 6.1 percent last year to 3.2 percent in 2022, 0.4 percentage point lower than in the April 2022 World Economic Outlook. We at Fitch Solutions forecast that GCC economic growth will accelerate in 2022 at the highest rate of growth since 2011. Outlook Economic growth in 2022 is expected to accelerate to 5.7% due to higher oil output, as OPEC+ cuts are phased out, and as domestic demand strengthens. Dubai is located along the eastern coast of the Arabian Peninsula, at the southwest corner of the Arabian Gulf. Regionally, the S&P GCC composite index rose by 7% as oil prices grew. In 2023 steel demand will see a recovery of 1.0% to reach 1,814.7 Mt. This improvement is largely due to three key factors: Sufficient liquidity in the financial system in the face of subdued demand for credit; The fiscal stimulus injected into the economy (albeit less than warranted); and The outlook for the sovereign creditworthiness for GCC countries is stable over the next 12 to 18 months, due to supportive oil prices and higher hydrocarbon production, Moody's Investors Service said on Tuesday. The World Steel Association (worldsteel) has today released an update of its Short Range Outlook (SRO) for 2022 and 2023. worldsteel forecasts that steel demand will contract by 2.3% in 2022 to reach 1,796.7 Mt after increasing by 2.8% in 2021. In its report titled "OECD Economic Outlook Interim Report September 2022," the organization . 2019). The GCC countries have some of the world's greatest oil reserves and are among the world's leading oil producers and exporters. China is a major revenue source for the region and the Oct. 10-19 Reuters poll showed overall growth in the six economies comprising the Gulf Cooperation Council (GCC) would slow to 4.2% next year compared with 6.6% in 2022. A surge in hydrocarbon production and a strong rebound in tourism activity will support Net Exports, which will be the main driver of growth in the UAE, Kuwait and Oman. Thursday, 25 August 2022 Economic Performance and Outlook for the GCC Countries . All 6 of the GCC are signed up to the Paris Agreement in 2016 to work towards global sustainability targets, with early plans seeking high clean energy sources by 2050 (Bradshaw M, et al. Fixed Interests. Thursday, 13 October 2022 . BAHRAIN ECONOMIC REPORT | Q2 2022 GCC Economic Outlook Contents Saudi Arabia's General Authority for Statistics revealed an increase in real GDP for Q2 2022. GCC economies set to grow at fastest pace in a decade on higher oil prices The region's top two economies - Saudi Arabia and the UAE - will lead the recovery this year, MUFG says The Abu Dhabi skyline. The IMF anticipates 4.1 percent growth across the GCC in 2022, ensuring that we return to (and possibly exceed) pre-COVID-19 levels of economic activity this year. In May 2022, the World Bank projected that the GCC region would experience GDP growth of 5.9% for 2022. Language: Arabic; File(s): 2022-Features and Prospects of Economic Performance 2021; 2021-Features and Prospects of Economic Performance 2020 The WB economists noted the GCC countries have made efforts to add economic activities other than oil. The total cost of the five stimulus packages announced by the emirate's government since the start of the pandemic amounted to . 3 months ago. Lower growth earlier this year, reduced household purchasing power, and tighter monetary policy drove a downward revision of 1.4 percentage points in the United States. 9 By the end of the third quarter, it appeared that the World Bank's projections may have been underestimated, as high oil prices helped stimulate economic growth in the region. Saudi Arabia, Qatar, and Kuwait were the biggest gainers among GCC, rising 9.0%, 7.5%, and 4.4% respectively. In 2023, regional growth should ease on cooling hydrocarbon prices and softer oil output growth. Design & Illustration. The recovery in the GCC economies gained momentum in the second half of 2021 as travel restrictions eased, tourism rebounded and domestic demand strengthened. The counterfactual decline for GCC countries is 7.7% and is 4.4% for developing oil exporters.The sharpest declines in real Government revenues in 2020 were among the GCC and developing oil exporters, not surprising given the oil price collapse. And if there is one industry that could spur growth in the number of M&A deals in the region, it is technology. 21 Sep . 2 months ago. 2021 GCC chemical industry outlook. Logistics industry growth in the Gulf Cooperation Council (GCC) region is catalyzed by the increasing contribution of the non-oil sector to GDP, infrastructure development, growth of free trade zones and industrial parks, and greater regional trade cooperation. GCC regional trade and investment outlook for 2022 GCC regional trade and investment outlook for 2022 ESG is expected to become the major driver of FDI throughout the Middle East in the coming years Edward Liamzon Tue 25 Jan 2022 Joe Hepworth, director, OCO Middle East, and founder of the British Centres for Business (BCB). January 10th, 2022, 12:06 AM PST. Within the last five years, the technology marketplace in the GCC, and the UAE in particular . Khushnum Bhandari / The National Sarmad Khan Description. 13:21. Code National schemes in GCC countries, such as Saudi Vision 2030, Qatar 2030 and UAE 2030, are projected to be major long-term growth drivers. Real GDP grows by 1.6 percent RIYADH Saudi Arabia's economy is expected to register the highest growth rate among the G-20 states for the current year 2022 and the coming year 2023, according to a report of the Organization for Economic Cooperation and Development (OECD). Eurozone economic outlook, August 2022.
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