Gulf Economic Update, Spring 2023
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Washington, DC: World Bank
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The Gulf Cooperation Council (GCC)
economies performed strongly in 2022. Amidst a year of
economic uncertainty marked by inflation, geopolitical
crises, and supply chain insecurity, the GCC region
registered remarkable GDP growth of 7.3 percent in 2022.
Progress made on structural reforms are bearing fruits on
the economy. Despite the uptick, inflation remains
relatively muted in comparison to other high-income
countries. Looking ahead, the GCC region is projected to
grow at a slower pace. The main contributors to this growth
are private consumption, fixed investments, and government
expenditures through looser fiscal policy in response to
high oil revenues. However, downside risks to the outlook
are numerous. Special Focus: Non-Communicable Diseases
(NCDs) pose a major health burden to the population and
governments of the GCC. NCDs are also a growing concern from
an economic perspective. To mitigate the health and economic
burden of NCDs, the region needs to scale up efforts to
target the behavioral and environmental risk factors of
NCDs. Effectively addressing NCDs requires a
whole-of-government approach, and the effective
implementation and monitoring of targeted, evidence-based
solutions. Addressing the risk factors of NCDs requires an
increased strategic focus on prevention over treatment,
targeting of the young and adolescents, and the development
and implementation of evidence-informed, cost effective,
high impact interventions. Governance structures that can
effectively mobilize, incentivize, and hold accountable the
many non-health sectors in the implementation and monitoring
of cost-effective interventions are critical.
Palabras clave
GULF COOPERATION COUNCIL, GCC, INFLATION, ECONOMIC GROWTH, NON-COMMUNICABLE DISEASES, NCDs