Lower GCC growth amid oil cuts, says Oxford Economics

Economic growth in the GCC has been revised downwards to 2.7 per cent from a previous forecast of 3.9 per cent just three months ago.

This is according to the latest Economic Insight report for the Middle East, which has been commissioned by one of the world’s longest-running chartered accountant bodies, ICAEW, and compiled by advisory firm, Oxford Economics.

The latest report says GDP growth for Saudi Arabia in 2024 is expected to top 2.1 per cent, while growth in the UAE is set to reach 4.4 per cent. This comes amid Saudi Arabia’s General Authority for Statistics on Monday…