World Bank: Saudi economy is the fastest growing in the region

Issam Abu Sulaiman, the regional director of the Gulf Cooperation Council countries at the World Bank, revealed that he expects the economies of the Gulf Cooperation Council countries to grow by 6.9% in general during the current year, explaining that the Saudi economy is the fastest growing in the region due to the growth of non-governmental sectors. oil and increase domestic spending

In a meeting on “Green Economy Growth Opportunities in the Gulf Cooperation Council Countries” organized by the Riyadh Chamber represented by the Environment Committee in cooperation with the World Bank on Monday, he said: “The good performance of the GCC economy will give more scope to exploit the opportunities of the green economy.” He stressed that this, in turn, would help in the growth of the economy of these countries, and that the transition to a green economy would also provide more job opportunities, making the Kingdom one of the leading countries in the region in the field of renewable energy.

Ibrahim bin Abdulrahman bin Al-Sheikh, a member of the Chamber’s Board of Directors and Chairman of the Environment Committee, noted the importance of the meeting in deepening the partnership with the Bank by highlighting the economic movement in the Gulf Cooperation Council countries and the good economy that is characterized by the region that contributes to achieving optimal use of available opportunities. In the green economy sector and its growth, indicating that there is a need to strengthen the relationship with the World Bank to benefit from it in providing support to small and medium enterprises and entrepreneurs.

In turn, the economist at the bank, Ismail Radwan, addressed the future opportunities for the growth of the green economy in the Gulf countries, indicating that the trend towards a green economy does not mean that concessions will occur, as the returns of the projects that will be implemented will support economic growth, stressing that trillions of dollars will be spent by the world in the field of renewable energy. .

The chief economist at the bank, Khaled Al-Hamoud, said that the region is characterized by good economic performance, as it recorded moderate inflation rates due to the stability of the exchange rate against the dollar and the availability of financial reserves, in addition to the support and intervention of countries, which reduced the increase in prices in local markets, which supports the growth opportunities of the green economy in the area.