Gulf Economic Update, Fall 2023

Gulf Economic Update, Fall 2023

The World Bank presented a new working paper on economic development in the Gulf countries.

According to the organization's estimates, in 2022–2023. economic growth in the Gulf countries slowed from 7% to 1%. Price volatility in commodity markets and tightening external financial conditions are the key reasons for the decline in economic dynamics in 2023.

Despite the dependence of the region's economies on the deteriorating situation in the oil sector, in 2023 the Gulf countries managed to maintain a low inflation rate (2.8%), a budget surplus (0.8% of GDP) and a positive external balance (9.6% of GDP). To increase economic sustainability in the long term, the World Bank recommends carrying out structural reforms aimed at diversifying the economy, increasing investment attractiveness and improving employment conditions, including expanding women's labor rights.

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