S\u00e3o Paulo \u2013 The economies of the Gulf Cooperation Council (GCC) countries are expected to grow by 3.6% in 2024 and 3.7% in 2025, according to estimates in the Gulf Economic Update (GEU) published by the World Bank. The report predicts that the GCC economies will expand this year by 1%, mainly due to a 3.9% contraction in the oil sector. On the other hand, however, there is an expectation for the region\u2019s non-oil sectors to grow by 3.4% this year, stimulated by consumption, investments, and accommodation of fiscal policy.<\/p>\n
The document highlights, however, that the region\u2019s nations need to \u201cstay committed\u201d to structural reforms and the diversification of their production and export activity beyond oil and its byproducts. According to the World Bank\u2019s director for the GCC, Safaa El Tayeb El-Kogali, \u201cthe downside risks persist\u201d due to regional conflicts in the Middle East, especially if these conflicts spread to other countries. \u201cAs a result, global oil markets are already witnessing high volatility,\u201d said El-Kogali in the statement released by the World Bank in Riyadh this Wednesday (22).<\/p>\n
The document, entitled \u201cStructural Reforms and Shifting Social Norms to Increase Women\u2019s Labor Force Participation,\u201d also highlights the increased participation of women in the job market, especially in Saudi Arabia (pictured above, a woman in an air conditioning assembly line in Dammam<\/em>). The job market in the Saudi private sector has grown steadily, reaching 2.6 million workers earlier this year. Women\u2019s participation in the workforce grew from 17.4% in 2017 to 36% in the first quarter of 2023.<\/p>\n \u201cSaudi Arabia\u2019s achievements in advancing women\u2019s economic empowerment in just a few years is impressive and offers lessons for the Middle East and North Africa (MENA) region and the world,\u201d said World Bank senior economist Johannes Koettl.<\/p>\n Growth expectations for this year for the GCC countries, according to the World Bank, are 2.8% for Bahrain, 0.8% for Kuwait, 1.4% for Oman, 2.8% for Qatar, -0.5% for Saudi Arabia, and 3.4% for the United Arab Emirates.<\/p>\n Translated by El\u00fasio Brasileiro<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" The institution expects a 3.6% growth in 2024 and 3.7% in 2025. For this year, the projection is at 1%.<\/p>\n","protected":false},"author":2229,"featured_media":357339,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[12846,17555,241,46669,11897,46670,46671],"class_list":{"0":"post-359044","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-gcc-ar","9":"tag-golfo-en-3","10":"tag-gulf","11":"tag-gulf-economy","12":"tag-previsoes-banco-mundial","13":"tag-world-bank-gcc","14":"tag-world-bank-growth-projection"},"wps_subtitle":"The institution expects a 3.6% growth in 2024 and 3.7% in 2025. For this year, the projection is at 1%.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/359044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2229"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=359044"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/359044\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/357339"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=359044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=359044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=359044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}