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GCC States Record 7.3% GDP Growth in 2022

Secretary General of the Gulf Cooperation Council (GCC) Jassem Mohamed Albudaiwi.
Secretary General of the Gulf Cooperation Council (GCC) Jassem Mohamed Albudaiwi.
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GCC States Record 7.3% GDP Growth in 2022

Secretary General of the Gulf Cooperation Council (GCC) Jassem Mohamed Albudaiwi.
Secretary General of the Gulf Cooperation Council (GCC) Jassem Mohamed Albudaiwi.

The Secretary-General of the Gulf Cooperation Council (GCC), Jassem Mohamed Albudaiwi, emphasized that despite economic disruptions, policymakers in GCC countries have successfully alleviated the economic consequences of these challenges, SPA said on Sunday.
The GCC nations experienced substantial growth in their Gross Domestic Product (GDP), reaching 7.3% in 2022.
Albudaiwi’s remarks came while attending the Arab Governors' meeting with the President of the World Bank Group, Ajay Banga. The meeting took place on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank on Saturday in Marrakech, Kingdom of Morocco.
During his speech, the GCC Secretary-General emphasized that economic challenges present a risk to the mutual objective of a poverty-free world characterized by sustainable development and widespread prosperity.
He pointed out that the global economy is currently traversing a precarious course, with the World Bank forecasting a substantial deceleration in global economic growth in the years ahead.
Albudaiwi also underscored that tackling global challenges demands a dedication to shared values and objectives, recognizing that the interdependence of nations necessitates collaborative efforts and synergy.
Furthermore, he emphasized that global economic challenges call for sustainable solutions to alleviate their impact.
This, he said, can be achieved through collective actions and measures taken by the international community, in cooperation with global financial institutions, as well as through bilateral and multilateral agreements between countries and international organizations.
These efforts are essential to secure a more prosperous, equitable, and sustainable global future, he noted.
Concluding his remarks, Albudaiwi praised the advancements resulting from the structural reforms implemented by GCC countries in response to economic challenges.
These reforms have yielded favorable outcomes, including economic growth, an improved business environment, increased competitiveness, and a substantial rise in women's workforce participation.
Furthermore, the non-oil sector experienced a notable increase of 4.8% in 2022.

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15th Turkish-Arab Economic Cooperation Forum Kicks Off in Istanbul

Aboul Gheit addressing the opening session of the forum (Arab League - X)
Aboul Gheit addressing the opening session of the forum (Arab League - X)
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15th Turkish-Arab Economic Cooperation Forum Kicks Off in Istanbul

Aboul Gheit addressing the opening session of the forum (Arab League - X)
Aboul Gheit addressing the opening session of the forum (Arab League - X)

The Secretary-General of the Arab League, Ahmed Aboul Gheit, stressed the need for Arab-Turkish economic cooperation to extend beyond trade into broader areas that drive sustainable economic development for both sides.

Speaking at the 15th Turkish-Arab Economic Forum in Istanbul, Aboul Gheit emphasized the importance of collaboration in infrastructure, clean energy, green technology, and services such as tourism and fintech. He also highlighted the potential for joint efforts in scientific research and innovation aimed at mutual economic benefit.

Aboul Gheit pointed out the significant growth in trade between the Arab world and Türkiye in recent years. In 2022, Turkish exports to Arab countries amounted to $46 billion, while Arab exports to Türkiye reached $36 billion, representing a notable share of both sides’ overall trade. However, he urged expanding this relationship to include sectors like energy, technology, and logistics, leveraging the strategic geographical position of both regions as a crucial economic bridge connecting Asia, Europe, and Africa.

The forum, themed “Türkiye and the Arab World: A Global Corridor in Investment, Trade, and Technology,” was organized with the support of Türkiye’s Ministry of Treasury and Finance, the Ministry of Foreign Affairs, and other major regional institutions. It aimed to explore new opportunities in emerging sectors such as green energy, fintech, logistics, and capital markets, while addressing the regional and global economic challenges impacting both sides.

Turkish Minister of Treasury and Finance Mehmet Simsek acknowledged the uncertainty facing the global economy, which is limiting growth, especially in global trade. He also noted the rapid advancements in artificial intelligence, which are expected to reshape industries and societies. Simsek emphasized the need for Türkiye and the Arab world to capitalize on their potential for economic integration, particularly in this time of global economic shifts.

For his part, Egyptian Finance Minister Ahmed Kojak underlined Egypt’s efforts to ensure financial stability, production growth, and export competitiveness. He pointed to Egypt’s role in regional cooperation, highlighting initiatives such as the electricity grid connection with Saudi Arabia, which showcases the potential for regional collaboration in energy.

Tunisian Minister of Economy and Planning Samir Abdelhafidh focused on the advantages of developing economic corridors between Türkiye and the Arab world, particularly through free trade agreements, while Iraqi Finance Minister Taif Sami Mohammed stressed Iraq’s openness to cooperation with Türkiye, noting the country’s strategic position for global trade.

In turn, Kuwaiti Finance Minister Noura Suleiman Al-Fusam highlighted the need to remove trade barriers to increase interactions between Türkiye and the Arab world, with a focus on fostering investments.