GCC economies expected to grow an aggregate 2.2% this year: World Bank

Economies of the Gulf Cooperation Council (GCC) will likely grow an aggregate 2.2% this year after a 4.8% contraction last year due to the COVID-19 pandemic and lower oil prices, the World Bank said on Wednesday.

"With recent progress made with the rollout of the COVID-19 vaccine globally and with the revival of production and trade worldwide, the prospects for an economic recovery are firmer now than at the end of last year", it said in a research report.

"Although downside risks remain, the forecast stands for an aggregate GCC economic turnaround of 2.2% in 2021 and an annual average growth of 3.3% in 2022-23", it said.