Marrakech, Gulf Cooperation Council (GCC) Secretary-General Jassim Muhammad Al Budaiwi announced that despite economic disruptions, GCC policymakers were able to still lead their countries to record a remarkable 7.3 percent growth in gross domestic product in 2022.

This came during Al Budaiwis participation in the meeting of Their Excellencies Arab finance ministers with the President of the World Bank, which was held within the framework of the annual meetings of the Bank Group and the International Monetary Fund, currently held in Marrakech, in the Kingdom of Morocco.

In his speech, Al Budaiwi said that the global economy is on a risky path, as the World Bank expects global economic growth to slow significantly over the coming years, with the Secretary-General noting that economic challenges constitute a threat to the goal of a poverty-free world characterized by sustainable development and shared prosperity.

The GCC Secretary-General pointed out that in order to address global challenges, it is a mu
st that everyone commits to common values and goals, recognize that global interdependence requires joint cooperation and synergy, and that global economic challenges require finding sustainable solutions that depend on joint efforts and cooperation with global financial institutions, in addition to forging bilateral and multilateral agreements among countries and international institutions, to ensure a more prosperous, equitable and sustainable global future.

Al Budaiwi praised the GCC countries’ structural reforms in face of economic challenges, yielding positive economic results, improving the business environment, achieving competitiveness, raising womens participation in the workforce, and the non-oil sector experiencing a jump of 4.8 percent in 2022.

Source: Qatar News Agency