Skip to content Skip to Search
Skip navigation

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

  • 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. 

Latest articles

Waste To Energy Biogas plant with solar, battery station and E-car charging station

African renewables are ripe for investment, says Irena

Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […]

Saudi Arabia Ronnie O'Sullivan snooker

Ronnie O’Sullivan to be Saudi snooker ambassador

Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia.  It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […]

UAE Costa Rica Cepa

Costa Rica added to UAE economic partners

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the South American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […]

A man wades through a flooded street in Dubai. Some areas of the UAE received more than a year's worth of rain in one day

UAE president orders review after flooding

The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […]