Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries

Author: International Monetary Fund. Middle East and Central Asia Dept.

Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries - 2023

Volume/Issue: Volume 2023 Issue 413

Publication date: December 2023

ISBN: 9798400263279

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Topics covered in this book

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Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Environmental Economics , Political Economy , Gulf Cooperation Council , GCC Countries , OPEC , GCC country , centrality indices , policies in the GCC , GCC net , GCC's acceleration , financial market , Inflation , Oil prices , Climate finance , Financial statements , Global , Middle East

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Summary

The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation. Oil production – which depends on OPEC+ decisions – will be subdued in the near term. Inflation is contained and current account surpluses are high. Fiscal balances remain healthy, supported by fiscal reforms and high oil prices. The primary non-oil deficits are expected to decrease to 24 percent of GDP by 2028, with higher non-oil revenue reflecting sustained fiscal and structural reforms and contained expenditures. High global uncertainty is weighing on the outlook.