GCC GDP expected to reach $6 trillion by 2050

Muscat: His Excellency Mr. Jasem Mohamed Al Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), praised the efforts and tireless work made by the Sultanate of Oman to strengthen the path of the Cooperation Council and the support and interest that the joint Gulf action receives from His Majesty Sultan Haitham bin Tarik.

The Secretary-General of the Gulf Cooperation Council explained in a statement to the Oman News Agency that the Gulf economy witnessed during the past year a steady annual growth of 6 percent, and the gross domestic product of the GCC countries exceeded $ 2.4 trillion and is expected to reach $ 6 trillion by 2050.

His Excellency added that the financial value of the Gulf markets combined amounted to more than 4 trillion US dollars by the end of 2022, occupying fifth place among the 10 largest global markets, while the value of the financial assets of the sovereign funds of the GCC countries reached more than 3,225 billion US dollars, and the assets of banks operating in the region were recorded 2.9 trillion US dollars.

His Excellency stressed that the GCC countries are taking serious and serious steps towards diversifying their sources of income and not relying on oil as the main source of income, and are working to encourage investments, support the role of the private sector and develop human capital.

His Excellency said: The GCC countries are currently focusing on completing the remaining steps of the customs union and the Gulf common market to reach economic unity in 2025, based on the directives of Their Majesties and Highnesses, the leaders of the GCC countries – may God protect and protect them – which comes within the framework of their interest in advancing the path of the Cooperation Council to benefit from the achievements. Achieved to serve their people and achieve greater coordination, integration and interconnection between the GCC countries.