Will GCC Non-Oil Growth Exceed Western Averages?

Sub-Saharan African countries represent around one-third of the total, followed by Latin America and the Middle East (the latter two together representing over 40% of the overall). Including, there has actually been an (from 90.3 in 2000-04 to 92.6 and 92.3 in the 5 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 throughout the period. The trapped or worse off countries are some parts of Latin America and Sub-Saharan Africa where structural improvement has actually stalled.

reveals a considerable boost in average EDI ratings from 86.8 in 2000-04 to 92.6 in 2020-24, (up more than 10 points in the preliminary period versus 2020-24). with UAE exceeding in the trade sub-index (supported by current bilateral trade agreements & non-oil exports push). vs its pre-pandemic reading (partly provided the surge in medium & high-tech production data).

ANSR July GCC PRs 50DR+

Its diversification metrics have actually stagnated, showing the least enhancement in between the initial (2000-04) and last (2020-24) reference 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 job pipeline and implementation) and strong services sector performance.

Vital Factors Shaping GCC Economic Forecasts by 2026

Kuwait and Saudi Arabia clocked in a boost in non-hydrocarbon income, "primarily showing non-hydrocarbon tax base growths and profits collection efficiency enhancements", according to the IMF. In the existing geopolitical environment defined by heightening, it is in the finest interests of commodity reliant countries to diversify its export base, exports and trade partners.