GCC economies recovering due to oil revenues: IIF

The Gulf Cooperation countries' economies are expected to recover due to a recovery in  the oil industry, said the Institute of International Finance.

The institute said in the report that they expect an increase in regional hydrocarbon revenue from $221 billion in 2020 to $326 billion in 2021.

"Hydrocarbon real GDP growth is projected at 5 percent in 2022 on the assumption that the OPEC+ production cuts end by mid-2022. Risks are broadly balanced. On the upside, faster vaccination rates and further progress in reforms could boost non-hydrocarbon growth in 2022," Garbis Iradian, IIF Chief Economist, MENA, and Samuel LaRussa, a senior research analyst, said in a report.

GCC economies are expected to continue with a forecast of 1.7 percent this year and 4.2 percent in 2022.