Title Page
Gulf Cooperation Council
Economic Prospects and Policy Challenges for the GCC Countries -2022
Prepared by Staff of the International Monetary Fund
INTERNATIONAL MONETARY FUND
*The views expressed herein are those of the authors and should not be reported as or attributed to the International Monetary Fund, its Executive Board, or the governments of any of its member countries.
Contents
EXECUTIVE SUMMARY
A. Global Developments and Outlook
B. The Economic and Financial Outlook in the GCC Countries
C. Policy Priorities
D. Concluding Remarks
BOXES
1. Oil and Gas Market Developments
2. Impact of the Russian Invasion of Ukraine on the GCC
3. Food Security and the GCC
4. Corporate Sector Vulnerabilities in the GCC
5. Digital Transformation in the GCC
FIGURES
1. Global PMIs and GDP Growth
2. Fertilizer and Food Price Indices
3. Global Supply Chain Pressure Index
4. Global Financial Conditions Indices
5. Crude Oil Production
6. Real GDP Growth, 2014–2023
7. Real Non-Oil GDP Growth, 2018–2022
8. High-Frequency Indicators
9. Monthly Inflation
10. Food CPI Weight, Food Imports Share of Total Imports and Dependency on Russia-Ukraine Imports
11. Labor Statistics
12. Fiscal Developments
13. Difference of Primary Balance Between 2021 April and 2022 April WEO Projections for 2022–26
14. Credit to the Private Sector
15. Stock Market Indices
16. Financial Soundness Indicators
17. Selected Corporate Sector Indicators
18. Policy Rates
19. Current Account and Net Foreign Assets
20. Share of Oil Exports to Total Exports and REER
21. US Financial Condition Index and Oil Prices
22. Spreads and Capital Flows
23. Oil Price Projections Under Net-Zero 2050
24. Energy Subsidies
25. Effective Exchange Rates, 2019–2022
26. Diversification Index
28. Average Trade Centrality Indicator Relative to EM Average
27. Value of GCC Exports Within GCC
TABLES
1. Population Fully Vaccinated for Covid-19
2. Selected Economic Indicators
APPENDICES
I. GCC’s Fiscal Policy Responses to Hydrocarbon Windfalls: Past and Present
II. Inflation Dynamics in the GCC
III. Impact of U.S. Monetary Policy Decisions on the GCC Economy and the Banking Sector
