IMF Report Launch 2024: Economic Prospects and Policy Challenges for the GCC Countries

On January 17, AGSIW hosted a discussion on the economic outlook in the Gulf Cooperation Council.

Speakers
Yevgeniya Korniyenko, Senior Economist, International Monetary Fund
Amine Mati, Assistant Director, Mission Chief for Saudi Arabia, and Head of GCC Division, International Monetary Fund
Alia Moubayed, Managing Director, Jefferies
Nasser Saidi, Founder and President, Nasser Saidi & Associates
Tim Callen, Visiting Fellow, AGSIW (Moderator)

After exceptionally strong economic expansion in 2022, growth in the Gulf Cooperation Council countries slowed in 2023 largely as a result of cuts in oil production. Nonhydrocarbon growth remained robust driven by higher domestic demand, increased capital inflows, and ongoing reforms. Unemployment rates continued to decline, while inflation remained well contained.

The challenging global and regional situation creates an uncertain outlook for the GCC countries in 2024. The commitment to economic and financial reforms bodes well for continued expansion of the nonhydrocarbon sector, but uncertainty in the global oil market, the ongoing conflict in Gaza, and the trajectory of U.S. monetary policy all present risks to the outlook.

AGSIW was pleased to host a discussion of the International Monetary Fund’s report on Economic Prospects and Policy Priorities for the GCC Countries. The discussion focused on the economic outlook in the region and the policies that need to be implemented to navigate the challenges posed by current global and regional uncertainties and the longer-term need to diversify economies and reduce reliance on fossil fuel revenue.

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