Combined economies of GCC will hit $6trn by 2050

Reuters/Faisal Al Nasser

The gross domestic product (GDP) of the Gulf Cooperation Council (GCC) economies will grow to $6 trillion by 2050, Oman Daily Observer reported, citing Nasser bin Rashid Al Mawali, under-secretary of the Ministry of Economy.

He said that the total GDP of the GCC states is likely to hit about $2 trillion by the end of 2022, as per a World Bank report.

“If the GCC states continue performing at the same pace, their GDP will grow to $6 trillion by 2050,” the official stated.

The ministry said the GCC posted a 19.6 percent growth rate in 2021, citing sources from the GCC-Stat.

The GCC’s GDP reached $1.7 trillion in 2021, constituting 1.8 percent of the global GDP at the current prices. The per capita share of the GDP at current prices is $29,700, representing a 21.2 percent growth.

Al Mawali said: “We must continue our efforts to achieve economic growth that balances social, environmental and institutional dimensions and objectives.

“GCC states follow the progress made in achieving the 2030 sustainable development goals through voluntary reports and national dashboard indicators.”