IMF cuts its GDP growth forecast for GCC countries in 2023 to 0.5%

The International Monetary Fund said in a report on Wednesday that it lowered its 2023 GDP growth forecast for oil and gas exporting Gulf Cooperation Council countries to 0.5%, down from the 1.5% it expected in October.

According to Reuters, the Fund said, “The overall growth of the Gulf Cooperation Council countries was revised down significantly to 0.5% in 2023… in reflection of the oil production cuts, before it rebounded moderately to 2.7% in 2024 as the impact resulting from the oil production cuts gradually faded.”