GCC Financial and Economic Cooperation Committee Holds 122nd Meeting in Doha

Kuwait, 04 October, 2024 : The Gulf Cooperation Council (GCC) financial and economic cooperation committee convened its 122nd meeting in Doha, Qatar, with participation from Kuwait. 

Qatar's Finance Minister, Ali Al-Kuwari, highlighted the GCC's ability to tackle challenges and achieve progress in financial and economic fields. He noted that the meeting aimed to strengthen these accomplishments through enhanced cooperation on key issues.

Al-Kuwari referenced the International Monetary Fund's (IMF) projections, indicating a global economic growth of 3.2% in 2024 and 3.3% in 2025, with inflation rates of 5.9% and 4.5%, respectively. For GCC states, growth is expected to reach 4.7% in 2025 and 2.4% in 2024, a notable improvement compared to the weak performance in 2023 due to oil production cuts aimed at stabilizing prices.

GCC Secretary General Jasem Al-Budaiwi remarked on the recent accomplishments that have fostered integration and collaboration among member states, benefiting both Gulf citizens and expatriates. He pointed out that despite global economic slowdowns, the GCC has emerged as an attractive destination for international companies seeking promising commercial opportunities.

Kuwait's delegation was led by Minister of Finance and Acting Minister of Oil, Nora Al-Fassam.

Source : www.zawya.com