Member states of the Gulf Cooperation Council (GCC) have collectively achieved a remarkable 7.3 percent increase in their gross domestic product (GDP) for the year 2022, with the non-oil sector notably growing by 4.8 percent. The announcement was made by GCC Secretary-General Jassim Mohammed Al-Budaiwi during a meeting with World Bank Group President Ajay Banga, which took place on the sidelines of the International Monetary Fund and WBG meetings in Marrakech, Morocco.
In his address, Al-Budaiwi emphasized the economic challenges facing the GCC countries and their shared commitment to combating global poverty, pursuing sustainable development, and achieving shared prosperity. He highlighted the risks in the global economy, with the World Bank Group anticipating a substantial slowdown in global economic growth in the coming years. Al-Budaiwi stressed the importance of collective efforts and measures, international cooperation, and the need for sustainable solutions to address these global challenges. He also praised the GCC countries’ progress in structural reforms that have positively impacted the economy, business climate, competitiveness, and female workforce participation. Additionally, he highlighted the successful hosting of the 2022 FIFA World Cup in Qatar, which enhanced tourism and infrastructure, and announced the UAE’s hosting of the upcoming UN climate change talks as an opportunity to showcase the region’s commitments and contributions to addressing global challenges.
Furthermore, Al-Budaiwi expressed the secretariat’s anticipation to collaborate closely with the recently established regional office of the IMF in Riyadh and its central finance center in Kuwait to strengthen GCC countries’ engagement with the organization. He also highlighted the importance of strengthening strategic partnership relations between the GCC and China, which is in line with the outcomes of the Riyadh Summit for Cooperation and Development held in December 2022. This summit aims to reinforce the existing strategic partnership between the GCC and China, and discussions were held in this regard during Al-Budaiwi’s meeting with the Chinese Ambassador to Saudi Arabia, Chen Weiqing, in Riyadh on October 2nd.