MARRAKESH: Gulf Cooperation Council (GCC) The Secretary-General Jassem Mohamed Albudaiwi has said that despite economic disruptions, policymakers in GCC states have successfully alleviated the economic consequences of these challenges.
The GCC countries experienced substantial growth in their Gross Domestic Product (GDP), reaching 7.3 percent in 2022, according to the Saudi Press Agency.
Albudaiwi’s statement came while attending the Arab Governors’ meeting with the President of the World Bank Group, Ajay Banga. The meeting took place on the margins of the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) on Saturday in Marrakech, Morocco.
During his speech, the GCC Secretary-General said that economic challenges pose a risk to the mutual objective of a poverty-free world characterized by sustainable development and widespread prosperity.
He said that the global economy is currently traversing a precarious course, with the WB forecasting a substantial deceleration in international economic growth in the years ahead.
معالي الأمين العام: في خضم الاضطرابات الاقتصادية، تمكن صناع السياسات في دول #مجلس_التعاون من التخفيف من الآثار الاقتصادية لهذه الاضطرابات، حيث سجلت دول المجلس نمواً ملحوظاً في الناتج المحلي الإجمالي بنسبة 7.3% في عام 2022.https://t.co/bwrxyTgrXw#مجلس_التعاون#WorldBank#IMF… pic.twitter.com/tBa7e8kjp0
— مجلس التعاون (@GCCSG) October 14, 2023
Albudaiwi also highlighted that tackling global challenges demands a dedication to common values and objectives, recognizing that the interdependence of countries necessitates collaborative efforts and synergy.
He stressed that international economic challenges call for sustainable solutions to alleviate their impact.
He added that this could be achieved through collective actions and steps taken by the global community in cooperation with international financial institutions, as well as through bilateral and multilateral deals between countries and international organizations.
Albudaiwi said that these efforts are essential to secure a more equitable, prosperous, and sustainable global future.
GCC Nations’ Reforms Appreciated
Concluding his remarks, Albudaiwi lauded the advancements resulting from the structural reforms implemented by GCC nations in response to economic challenges.
These reforms have yielded favourable results, including economic growth, increased competitiveness, an improved business environment, and a substantial rise in female workforce participation.
Moreover, the non-oil sector experienced a notable increase of 4.8 percent in 2022.
