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GCC countries aren’t competing in economic diversification push, they complement each other: Davos 2024

At the Davos summit in Switzerland, officials noted that the six Gulf Cooperation Council (GCC) countries are working towards economic diversification rather than competing. The bloc has a GDP of $2.3 trillion a year and is on the path to becoming a $3 trillion GDP per annum economic zone by 2030, rising to $5 trillion by the middle of the century.

Growth is driven by sound policy, excellent execution, simplification of business activities, and rapid decision-making. Sheikh Salman bin Khalifa Al Khalifa highlighted the importance of tourism and the GCC nations’ involvement in joint marketing and supporting the region. The GCC is expected to post growth of 3.6% and 3.7% in 2024 and 2025, respectively, higher than the World Bank’s forecast of 2.4% growth globally for this year.

The non-oil sector has been driving growth in the six-member bloc, and the GCC and South Korea signed a free-trade agreement in December and a similar deal with Pakistan in September. Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, stressed the importance of a “clear, public-private partnership.”

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