GCC economies expected to grow an aggregate 2.2% this year - World Bank
"With recent progress made with the rollout of the Covid-19 vaccine globally and with the revival of production and trade worldwide, the prospects for an economic recovery are firmer now than at the end of last year"
Economies of the Gulf Cooperation Council (GCC) will likely grow an aggregate 2.2% this year after a 4.8% contraction last year due to the Covid-19 pandemic and lower oil prices, the World Bank said on Wednesday.
"With recent progress made with the rollout of the Covid-19 vaccine globally and with the revival of production and trade worldwide, the prospects for an economic recovery are firmer now than at the end of last year", it said in a research report.
"Although downside risks remain, the forecast stands for an aggregate GCC economic turnaround of 2.2% in 2021 and an annual average growth of 3.3% in 2022–23", it said.
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