MENA Key themes 2022: GCC starts the year on a firm footing
The Gulf Cooperation Council (GCC) will be one of only two major regions globally (the other being ASEAN) to grow faster – at above 5% – in 2022 relative to this year, provided the Omicron variant does not prove too disruptive. Although regional recovery has lagged its peers over the last 12 months, 2021 has been a decent year, with GCC GDP expected to surpass pre-crisis levels in Q1 2022.
What you will learn:
- The expected increase will be driven by the oil sector, reversing the dynamics of the last three years when OPEC policy constrained output.
- We expect non-oil activity to continue to recover in 2022 following the almost complete lifting of health restrictions.
- The improvement in economic conditions will spur job creation after a year of limited employment gains.
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