(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Jan 11 (KUNA) -- The Arab gross domestic product (GDP) grew by 1.8 percent to USD 3.5 trillion in 2023, in conjunction with the growth of the global economy by three percent in the same year, said the Arab Investment & Export Credit Guarantee Corporation (Dhaman).
In a statement marking the publication of the corporation's quarterly bulletin on Thursday, Director General Abdullah Al-Sabeeh said that the overall outlooks of the Arab economy came positive for 2024, with an expected growth rate of 3.6 percent, buoyed by the potential growth of nine oil economies that account for 78 percent of the Arab GDP, which could make up for the downturn of other economies.
Al-Sabeeh attributed the decline in the performance of most Arab economic indicators in 2023 to several reasons, including the decrease of oil production by 5.2 percent and global crude oil prices by 16.5 percent, the negative effects of tightening monetary policies, lending criteria and the escalation of the geopolitical situation, the debt crisis and climate change.
He believed that despite the optimistic outlooks of the IMF regarding the Arab economy, this optimism depends on the scenarios of the war on Gaza and its impacts on the global oil prices and on the economic and political situations of the neighboring countries.
Based in Kuwait, the Arab Investment & Export Credit Guarantee Corporation (Dhaman) was established in 1974. It provides specialized insurance services against credit and political risks. (end)
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