Additionally, the Gulf region’s oil-exporting nations have benefited unexpectedly from rising oil prices.
It is anticipated that the six-nation Gulf Cooperation Council’s economy will expand by 6.9% this year, which is a full percentage point more than the World Bank had predicted six months prior.
The World Bank stated on Wednesday that high oil prices have increased the Gulf Cooperation Council countries’ tax income and that they will result in budget surpluses for the majority of oil-exporting nations in 2022, even after additional spending on measures to reduce inflation.
The bank also said that developing nations who import oil do not have such spectacular profits and will need to cut back on other areas of spending and look for alternative sources of income.
Middle East countries will increase at this rate in 2022, according to the World Bank.
About Author
