“The economies in the six-member Gulf Cooperation Council will grow at their fastest pace in several years,” per the latest Reuters poll.
The survey results also mentioned, “Nine of 10 economists who answered an additional question said a decline in oil prices and new coronavirus variants were the biggest threats to GCC economic growth this year.”
Key quotes
Saudi Arabia was predicted to top the list with growth of 5.7%, followed by Kuwait and UAE with 5.3% and 4.8% respectively.
Economic growth in Qatar, Oman and Bahrain was expected to average between 3%-4% for 2022. If realised, that would be the best these countries have witnessed in several years.
Eight of ten respondents said risks to their growth forecasts were skewed more to the downside.
Oil prices remain firmer…
The hawkish outlook for energy prices joins the recent geopolitical concerns surrounding Russia and Ukraine to also underpin WTI crude oil prices to gain over 1.0% by the press time of the pre-European session on Monday.
Read: WTI Price Analysis: Extends bounce off 200-HMA towards $86.00 hurdle