Gulf Economy Among Top In The World -- GCC Official

2023-10-13 07:21:50

(MENAFN- Kuwait News Agency (KUNA)) MARRAKESH, Oct 13 (KUNA) -- GCC Secretary General Jassim Al-Budaiwi affirmed the strength of the Gulf economy as one of the top world economies.

Al-Budaiwi made the statement to KUNA, late on Thursday, during a reception held by Kuwait Banking Association, honoring heads of Kuwaiti banks taking part in the annual meetings of the World Bank Group and the World Fund in Marrakesh, Morocco.

The GCC chief noted that the domestic product for GCC countries reached USD 2.4 trillion in 2022 and is expected to reach six trillion by 2050. These figures reflect the strength of the GCC economy, he said.

The GCC, a regional bloc established in the Arabian Gulf in the early 80s of the past century, groups the State of Kuwait, the Kingdom of Saudi Arabia, the United Arab Emirates, Qatar, Bahrain and Oman.

Kuwait and Saudi Arabia are main crude oil producers and suppliers to the world energy market.

It had been established to boost pan-Gulf cooperation at diverse levels and attain intergration in various sectors. (end)

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