RIYADH: Gulf countries will see double the global level of economic growth this year – with Saudi Arabia and the UAE leading the way, according to Issam Abu Suleiman, regional director for the Gulf Cooperation Council at the World Bank. Abu Suleiman stated that the World Bank expects global economies to grow by 1.7 percent in 2023, while Gulf countries are forecast to surge 3.7 percent. He indicated that the GCC region in general performed very well after the pandemic and the biggest challenge was the vaccination operations which were completed quickly compared to other countries in the region, according to Argaam. Abu Suleiman pointed out that Gulf economies achieved a growth of about 6 percent, as Saudi Arabia witnessed the largest growth at 8.9 percent in 2022. He added there was a high stimulus in the economy and financing to support small and medium enterprises to boost the economy after the pandemic. The global economy faced a massive downturn in 2022 due to geopolitical challenges like the Ukraine-Russia war and inflation. According to a report by PwC, the slowdown in global economic growth is expected to continue throughout 2023 but forecasts for the GCC seem positive. “Forecasts for the GCC in 2023 are more upbeat, with 3.6 percent GDP (gross domestic product) growth expected this year. Although the region will not be completely immune to a global slowdown, there are a number of reasons to be optimistic,”said the report. It also stated that oil prices and energy demand in 2023 will likely increase or stabilize at last year’s level which will support GCC economies. “The GCC region is expected to register strong twin surpluses in 2022 and beyond. The regional fiscal balance is projected to register a surplus of 5.3 percent of GDP in 2022 —the first surplus since 2014 — while the external balance surplus is expected to reach 17.2 percent of GDP,” according to the report. “The 2023 outlook for the GCC region appears more upbeat in comparison to the rest of the world, supported by relatively high oil prices and growth in the non-oil economy, as well as moderating inflation,” the report concluded.