"Gulf Statistician" A report is issued "Economic Performance Prospects 2024 – Enabling financial sustainability and promoting non-oil growth"
Muscat, 8 November / WAM / The Statistical Center for the Cooperation Council for the Arab States of the Gulf issued a report entitled “Prospects for Economic Performance 2024 for the Cooperation Council – Enabling Financial Sustainability and Promoting Non-Oil Growth” in a step that confirms the role of the Center in enabling decision makers and researchers to access accurate and comprehensive data that supports the path of economic development in the GCC countries.
The report examines, in an integrated analytical manner, the macroeconomic performance of the GCC countries during the year 2024 AD, including indicators of economic growth, inflation, public finances, and public debt, in addition to developments in financial markets, monetary and banking policy, foreign direct investment, foreign trade, and the Gulf labor market.
Her Excellency Intisar bint Abdullah Al-Wahaibiyya, Director General of the Statistical Center for the Cooperation Council States, confirmed that this publication embodies the Center’s commitment to providing a system of reliable and updated economic data and indicators, which contribute to enhancing economic knowledge and supporting strategic decision-making processes at the national and regional levels, noting that the report is a major reference for policy makers, researchers, and those interested in Gulf economic affairs.
She explained that the wide information availability of economic data contributes to enhancing transparency and knowledge exchange, and supports efforts aimed at achieving Gulf economic integration and developing evidence-based policies. It also enables evaluating the performance of non-oil sectors and following the path of economic diversification. In light of the GCC countries’ efforts towards achieving financial sustainability and sustainable growth.
In its seven chapters, the report reviews a wide range of indicators and data. The first chapter dealt with trends in the overall economic performance of the GCC countries and financial sustainability policies, while the second chapter focused on the public finances of member states and their impact on economic stability.
The third chapter included an analysis of the Gulf financial markets, trading activity, and market value, while the fourth chapter dealt with monetary and banking developments, including the volume of liquidity, bank credit, and foreign reserves.
The report devoted separate chapters to monitoring foreign direct investment and the investment climate in the region, the foreign and intra-GCC trade, and the growth in non-oil exports they are witnessing, in addition to labor market developments and national policies aimed at empowering national competencies and achieving balance in labor markets.
The report indicated that the economies of the GCC countries recorded a balanced performance during the year 2024 AD, despite the global challenges. The real growth rate of GDP reached about 1.9%, driven by the growth of non-oil sectors by 4.4%, which reflects progress in implementing economic transformation strategies.
The report expects the pace of growth to accelerate in the coming years to reach 4.3% by 2027, with the expansion of investments in the sectors of tourism, renewable energy, manufacturing industries, and technology.
The Gulf Statistical Center confirmed that the issuance of the report represents a qualitative addition to the Gulf statistical scene, by enabling users to benefit from comparative standard data between member states, and supporting the efforts of the Cooperation Council in following up on the implementation of economic plans and achieving sustainable development goals.
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