Daily Times

The Secretary-General of the Gulf Cooperation Council (GCC), Jassem Mohamed Albudaiwi, emphasized that despite economic disruptions, policymakers in GCC countries have successfully alleviated the economic consequences of these challenges. The GCC nations experienced substantial growth in their Gross Domestic Product (GDP), reaching 7.3% in 2022. Albudaiwi’s remarks came while attending the Arab Governors’ meeting with the President of the World Bank Group, Ajay Banga. The meeting took place on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank on Saturday in Marrakech, Kingdom of Morocco. During his speech, the GCC Secretary-General emphasized that economic challenges present a risk to the mutual objective of a poverty-free world characterized by sustainable development and widespread prosperity. He pointed out that the global economy is currently traversing a precarious course, with the World Bank forecasting a substantial deceleration in global economic growth in the years ahead. Albudaiwi also underscored that tackling global challenges demands a dedication to shared values and objectives, recognizing that the interdependence of nations necessitates collaborative efforts and synergy.