UAE and Saudi Arabia are likely to achieve seven percent economic growth in the next three years. Moody’s estimates that the Gulf countries will get an additional 8 percent of GDP.
First Published Sep 13, 2022, 9:00 PM IST
Dubai: Gulf countries should find more non-oil revenue sectors, according to Moody’s, a leading international rating agency. Moody’s pointed out that oil prices are likely to fall to $50 to $70 per barrel within two years. But in the next two years, the Gulf countries will achieve the greatest economic growth in recent times, Moody’s said
Moody’s estimates that oil production in the Gulf countries will reach the highest level since 2016 this year. This will lead to huge economic growth in the Gulf countries. UAE and Saudi Arabia are likely to achieve seven percent economic growth in the next three years. Moody’s estimates that the Gulf countries will get an additional 8 percent of GDP.
UAE, Saudi Arabia, Qatar and Oman will be the main beneficiaries of this. But Moody’s recommends that the Gulf countries should find other sources of income in view of the possibility of oil prices falling to fifty dollars in 2024.
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Last Updated Sep 13, 2022, 9:10 PM IST
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