KUWAIT HAS THE SECOND BEST ECONOMIC GROWTH IN GULF I 2022

  • 31/07/2022

Kuwait City: MEED magazine reported that the renewable current account surpluses and diminishing risks are stimulating economic activities in the Gulf countries, as Kuwait, Qatar and the UAE ranked second on the MEED Index of Economic Growth in the Middle East and North Africa (MENA) in 2022, at 4 points each.


While Saudi Arabia ranked first with 4.3 points, which enabled the four countries, in quick succession, to record strong financial surpluses in the current account in two digits, while Oman and Bahrain scored 3.4 points and 3.1 points, respectively.

In the broader region, Egypt and Iraq recorded a growth of 2.9 points, compared to 2.6 points for Iran and Morocco, then Jordan by 2.1 points.

The magazine said that the continued rise in energy prices in global commodity markets since early 2022 enabled the energy-exporting countries in the Middle East and North Africa to achieve the means of livelihood for their citizens, while the huge financial surpluses pushed the energy-rich Gulf Cooperation Council (GCC) countries to the top of the MEED activity index. Economic.

The magazine added that the expected real GDP growth rate for the Gulf Cooperation Council countries for the year 2022, according to the International Monetary Fund’s estimates for the month of April, amounted to an unweighted average of 5.4%, which exceeds expectations for the growth of the Middle East and North Africa region, and the growth of the global economy of 5% and 3.6%, respectively.

Besides improving the current account and financial position, lower unemployment rates and higher vaccination levels against the coronavirus pandemic have also prepared the region's wealthiest countries to build on the growth of the recovery that began in 2021.

Saudi Arabia retained its position at the top of the index mid-year thanks to a projected 7.6% increase in real GDP, and project turnover in all three of the following markets has been moderate, and highest in the UAE, over the past 12 months.

However, the net worth of projects under implementation in Kuwait and the United Arab Emirates decreased, reaching $4.9 billion and $19.4 billion, respectively, due to completion exceeding the number of new awarded projects.

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