RIYADH: Leaders of the Gulf Cooperation Council are keen to see the group achieve “the highest levels of economic integration,” said Saudi Finance Minister Mohammed Al-Jadaan.
He was speaking at the 117th Meeting of the GCC Financial and Economic Cooperation Committee in Riyadh on Monday.
Al-Jadaan stressed the importance of establishing a Gulf common market for the benefit of the GCC citizens.
He said the economies of the GCC countries are not immune from the effects of the economic crises the world is going through but they tackle such issues by adopting a proactive approach.
“Yes, we are benefiting from higher oil prices, but the strong growth we are seeing is primarily driven by the reforms we have implemented,” he said.
The Saudi finance minister said the global economy is facing major headwinds, while the effects of the epidemic remain, supply chain issues persist, energy and food markets are in turmoil, with inflation rising to its highest levels in several years.
He stressed the need for tightening monetary and financial conditions.
Saudi Arabia is expecting its budget surplus in 2022 to hit SR90 billion ($24 billion), and another SR9 billion next year, the Ministry of Finance announced last week.
Looking at the full year 2022 projections, the real gross domestic product is expected to grow by 8 percent, while the inflation in 2022 may record about 2.6 percent.