The projected economic growth project of the six-member Gulf Cooperation Council (GCC) states has been revised to 3.2% by the World Bank in its latest report.
According to experts such a rate would be lower than half the 7.3% increase estimated across the GCC countries last year. However, the GCC growth will still outperform the wider Middle East and North Africa region, forecast to grow by 3% in 2023, down from 5.8% growth in 2022.
All the Gulf states have embarked on economic transformation plans to diversify income sources away from hydrocarbons, with varying degrees of success.
