Can GCC Non-Oil Growth Outpace Global Averages?

Sub-Saharan African countries account for around one-third of the total, followed by Latin America and the Middle East (the latter 2 together representing over 40% of the overall). Including, there has been an (from 90.3 in 2000-04 to 92.6 and 92.3 in the five years pre- and post-pandemic ).

ANSR July GCC PRs 50DR+

and ranked greater than others; UAE is up more than 45 places in 2024 compared to 2000 while Qatar climbed 24; both Saudi Arabia and Oman rose 17 ranks throughout the duration. The caught or worse off nations are some parts of Latin America and Sub-Saharan Africa where structural change has stalled.

shows a considerable boost in average EDI scores from 86.8 in 2000-04 to 92.6 in 2020-24, (up more than 10 points in the initial period versus 2020-24). with UAE exceeding in the trade sub-index (supported by recent bilateral trade arrangements & non-oil exports push). vs its pre-pandemic reading (partially given the surge in medium & modern manufacturing information).

ANSR July GCC PRs 50DR+

Its diversification metrics have actually stagnated, revealing the least improvement between the preliminary (2000-04) and final (2020-24) recommendation periods., regardless of the headwinds of OPEC+ production cuts. A robust non-hydrocarbon growth was supported by the GCC's robust domestic need (supported by a strong task pipeline and implementation) and strong services sector efficiency.

The Role of Capital on GCC Economic Development

Kuwait and Saudi Arabia clocked in an increase in non-hydrocarbon revenue, "primarily showing non-hydrocarbon tax base growths and earnings collection efficiency enhancements", according to the IMF. In the current geopolitical environment characterized by heightening, it is in the very best interests of commodity reliant nations to diversify its export base, exports and trade partners.