MARRAKECH — The Gulf Cooperation Council (GCC) countries record remarkable growth in gross domestic product (GDP) by 7.3% in 2022, GCC Secretary General Jassem Mohamed Al-Budaiwi announced. Al-Budaiwi's announcement came during his participation in the meeting of Arab governors with the President of the World Bank Group, Ajay Banga. The meeting was held on the sidelines of the 2023 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Marrakesh, Morocco. He stressed in his speech that in the midst of economic turmoil, policymakers in the GCC countries were able to mitigate the economic effects of these turmoil. "The economic challenges constitute a threat to our common goal represented in a world free of poverty, and characterized by sustainable development and shared prosperity," Al-Budaiwi said. He also pointed out that the global economy is on a risky path, as the World Bank expects global economic growth to slow significantly in the coming years. Combating the global challenges requires everyone to abide by the common values and goals, in addition to recognizing that international interdependence requires joint cooperation. Also, the global economic challenges require finding sustainable solutions to alleviate the effects of these challenges. Al-Budaiwi indicated that these solutions and their durability depend on the joint efforts and actions of the international community and through cooperation with global financial institutions. It also depends on the bilateral and multilateral agreements between the countries and international institutions, in order to ensure a further prosperous, equitable and sustainable global future. During his speech, Al-Budaiwi praised the progress made in the structural reforms undertaken by the GCC countries in the face of economic challenges. He added, the reforms have brought positive results to the economy, improving the business climate, competitiveness, as well as achieving a leap in women's participation in the workforce. He stated that the non-oil sector also witnessed a jump of 4.8% in 2022.
