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KUWAIT CITY, Jan 15: The World Bank in its report on the global growth expectations said the real GDP growth of Kuwait in 2022 is expected to increase by about 5.3% and 3% next year, while expecting the GDP of Saudi Arabia to grow by 4.9% this year and 2.3 percent in 2023 while at the same time expecting Kuwait’s economy to achieve the largest growth in the Gulf region during the current year, reports Al-Rai daily.
At the level of real GDP in the Gulf Cooperation Council countries, the bank expected it to achieve a growth of about 4.7 percent this year, an increase of 1 percent over its previous forecast last June, and 3 percent next year, down 0.2 percent from its previous forecast. As for Qatar, the World Bank (WB) expects that it will record an output growth of 4.8 percent in 2022 and 4.9 percent next year, while the UAE GDP is likely to grow by 4.6 percent this year and 2.9 percent in 2023, and that it will record Oman’s output growth at 3.4 percent this year and 4.1 percent next year, and Bahrain’s by 3.2 percent in 2022 and about 2.9 percent in 2023. Globally, the bank expected the growth to slow significantly to 4.1 percent this year from 5.5 percent in 2021 and to continue to decline to 3.2 percent in 2023, as a pent-up increase in demand dissipates and governments end the huge financial and monetary support they provided at the beginnings of the Corona virus pandemic.
The bank lowered its forecast for economic growth in the United States, the euro zone and China, warning that high debt levels, increasing income inequality and the new parameters of the “Corona” are factors that threaten the recovery of developing countries. The World Bank’s forecast for the 2021 and 2022 years is 0.2 percentage point lower than its previous report, which was issued last June, while the International Monetary Fund is also expected to reduce its growth forecast in an update to be issued on January 25, 2022.