After a quarterly survey, Reuters expected that the six economies in the Gulf Cooperation Council are expected to recover and grow between 2 and 3% this year.

According to Arab Net, the survey expects the region's two largest economies, Saudi Arabia and the United Arab Emirates, to grow by more than 4% next year.

These expectations come after sharp declines last year in the wake of the collapse in oil prices and the impact of the Covid-19 pandemic, while analysts expected that Saudi Arabia, the UAE and Kuwait would benefit from the OPEC + agreement to strengthen Oil production.

Our primary assumption was that a long-term agreement would be reached, and we raised our forecast for 2022 on the back of baseline adjustments,' said Monica Malik, chief economist at Abu Dhabi Commercial Bank. Which will enable the UAE, Kuwait and Saudi Arabia to increase oil production and their shares in the global market as of May 2022.

The poll, which was conducted from July 5th to July 26th, estimated the growth of Saudi Arabia's economy at 2.3% on average this year, slightly lower than an expectation of 2.4 % in a similar survey 3 months ago.

The poll expected that the largest economy in the Middle East and the largest oil exporter in the world would witness a growth of 4.3% in 2022, adjusting for an increase of 100 basis points. Growth for 2023 was revised up by 30 basis points to 3.3%.

The UAE economy is expected to grow by 2.3% this year, unchanged from the previous estimate, 4.2% next year and 3.4% in 2023, after The adjustment is incremental by 60 basis points and ten basis points, respectively.

Kuwait's GDP growth forecast in 2021 improved by 60 basis points to 2.4%, while expectations for growth next year were strengthened by 110 basis points to 4.6%. Growth is expected to increase by 10 basis points in 2023 to 3%.

Qatar's growth forecast for the current year fell by 30 basis points to 2.5%. Growth forecasts for next year did not change to remain at 3.6%, while it decreased by 40 basis points to 2.7% for 2023.

The growth forecast for Oman has been revised up by 20 basis points to 2.1% this year, an increase of ten basis points to 3.3% next year, and a decrease of 20 basis points in 2023 to 2.2%.

The growth forecast for Bahrain for this year and next was unchanged at 2.9%, while the growth forecast in 2023 was reduced by 30 points to 2.4%.