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Recession is not ‘top of mind’ for CEOs in the Gulf

By Shruthi Nair
  • IMF expects weak global growth in 2023
  • Cooper Fitch says its report points to buoyant GCC economy

Long term growth is the name of the game for CEOs in the GCC, while some of their counterparts in the US and Europe prepare for a recession. 

The IMF expects 2023 to be the weakest year for global growth since 2009, outside of the coronavirus pandemic year of 2020. However, the outlook is divergent, depending on geographies. 

According to Cooper Fitch’s latest GCC CEO Report, 95 percent of respondents believe the economy will expand, with 45 percent of them expecting growth of 5-10 percent, which is higher than the GDP forecast.

During an exclusive video interview with AGBI, Jack Khabbaz, head of CEO practice at Cooper Fitch, said: “The fact that the focus this year is towards commercialisation strategies, product expansion and market penetration points to a buoyant economy.”

Watch the full video to learn more about the findings of the report. 

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