The UAE’s economy is expected to grow at the strongest rate in the region this year, albeit at a slower pace than the 5.0% predicted in January, according to a Reuters poll. The Saudi economy is expected to grow by 3.9% this year, a tiny down from the 4% prediction made in the January poll, according to a Reuters poll that polled 19 analysts between April 9 and April 24. This year, growth estimates for Kuwait, Qatar, Oman, and Bahrain in the remainder of the Gulf Cooperation Council (GCC) were 2.5%, 2.7%, 2.8%, and 2.8%, respectively.
According to the analysis, despite expanding oil output, the majority of GCC economies are expected to develop more slowly this year than anticipated due to growing concerns about a global slowdown in growth.
Volatile US tariff policies are unlikely to have a significant impact on the economies of the area. Growth, however, may be hindered by the global economic downturn and its impact on the oil market, the region’s primary source of revenue.
This month, Brent crude prices reached their lowest points since the epidemic, and because of poor demand and rising supply, they are predicted to stay low this year. Within the OPEC+ group, comprising the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, an increase in oil output is anticipated next month.
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