Can GCC Non-Oil Success Outpace Western Averages?

Sub-Saharan African countries represent around one-third of the total, followed by Latin America and the Middle East (the latter 2 together accounting for over 40% of the overall). Consisting of, there has actually been an (from 90.3 in 2000-04 to 92.6 and 92.3 in the five years pre- and post-pandemic ).

ANSR July GCC PRs 50DR+

and ranked greater than others; UAE is up more than 45 locations in 2024 compared to 2000 while Qatar climbed up 24; both Saudi Arabia and Oman rose 17 ranks during the duration. The trapped or even worse off countries are some parts of Latin America and Sub-Saharan Africa where structural change has stalled.

reveals a substantial increase in average EDI ratings from 86.8 in 2000-04 to 92.6 in 2020-24, (up more than 10 points in the initial period versus 2020-24). with UAE outperforming in the trade sub-index (supported by recent bilateral trade arrangements & non-oil exports push). vs its pre-pandemic reading (partly provided the surge in medium & state-of-the-art manufacturing data).

ANSR July GCC PRs 50DR+

Its diversification metrics have actually stagnated, showing the least improvement in between the preliminary (2000-04) and final (2020-24) referral periods., in spite of the headwinds of OPEC+ production cuts. A robust non-hydrocarbon expansion was supported by the GCC's robust domestic demand (supported by a strong project pipeline and execution) and strong services sector performance.

Can Gulf Non-Oil Success Exceed Global Benchmarks?

Kuwait and Saudi Arabia clocked in an increase in non-hydrocarbon earnings, "primarily reflecting non-hydrocarbon tax base growths and earnings collection performance enhancements", according to the IMF. In the existing geopolitical environment defined by magnifying, it remains in the best interests of product dependent nations to diversify its export base, exports and trade partners.