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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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Türkiye's Central Bank Holds Rate at 50%, Warns on Inflation

People rest in a public park outdoors away from buildings following an earthquake in Malatya, southern Turkey, Wednesday, Oct. 16, 2024. (Burhan Karaduman/Dia Photo via AP)
People rest in a public park outdoors away from buildings following an earthquake in Malatya, southern Turkey, Wednesday, Oct. 16, 2024. (Burhan Karaduman/Dia Photo via AP)
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Türkiye's Central Bank Holds Rate at 50%, Warns on Inflation

People rest in a public park outdoors away from buildings following an earthquake in Malatya, southern Turkey, Wednesday, Oct. 16, 2024. (Burhan Karaduman/Dia Photo via AP)
People rest in a public park outdoors away from buildings following an earthquake in Malatya, southern Turkey, Wednesday, Oct. 16, 2024. (Burhan Karaduman/Dia Photo via AP)

Türkiye's central bank held interest rates at 50% on Thursday as expected but cautioned that recent data had lifted inflation uncertainty, in a hawkish signal ahead of an expected easing cycle in coming months.
"In September, the underlying trend of inflation posted a slight increase," the bank's policy committee said, adding: "the uncertainty regarding the pace of improvement in inflation has increased in light of incoming data."
According to Reuters, analysts said the message could reinforce the view that the bank will wait until around January to ease monetary policy, after a more than year-long effort to slay years of soaring inflation.
The last time the bank raised its main policy rate was in March, when it hiked by 500 basis points to round off an aggressive tightening cycle that started in June last year.
Since then, it has kept the one-week repo rate on hold. In a change of messaging last month, it began setting the stage for a rate cut by dropping a reference to potential further tightening.
Yet after monthly inflation was higher than expected at nearly 3% in September, a Reuters poll showed analysts expected the bank to wait until December or January to begin its anticipated easing cycle.
Nicholas Farr, economist at Capital Economics, said the bank signaled that the "slow pace of disinflation will prevent monetary easing this year.”
"It seems clear that the (central bank) – like us – doesn't think the conditions are in place for a monetary easing cycle to start very soon."
Annual inflation has dropped to 49.4% - below the policy rate for the first time in this cycle - from a peak of 75% in May.
The central bank is closely watching the monthly rate for signals of when to begin easing, though it has only dipped below 2% once this year, in June. It is also watching for high household inflation expectations to ease toward its targets.