GCC financial, economic cooperation cmte convenes in Doha

The financial and economic cooperation committee of the Gulf Cooperation Council states held its 122nd meeting on Thursday in the Qatari capital, Doha, with Kuwait's participation. GCC states have proven that they are able to face challenges and achieve accomplishments in financial and economic fields, Qatar's Financial Minister Ali Al-Kuwari said. "The meeting was held to enhance these achievements through boosting cooperation in the most important issues that concern us," he added during his speech. He referred to the International Monetary Fund (IMF) outlook that the global economy posts 3.2 percent in 2024 and 3.3 percent in 2025 with 5.9 percent of inflation in 2024 and 4.5 percent in 2025. However, in GCC states, growth is expected to reach 4.7 percent in 2025 and 2.4 percent this year, he noted. This percentage is good compared with 2023, which witnessed relative weak performance due oil production reduction, as part of efforts to support its price, he elaborated. The Qatar minister expected that non-oil sectors would continue keep good percentage of growth. Meanwhile, GCC Secretary General Jasem Al-Budaiwi said the last period was full of accomplishments and fruitful action in order to boost integration and collaboration among GCC member states. These achievements have positive impacts on Gulf citizens and expats, he said, noting that the GCC financial and economic committee contributes greatly to this progress. Despite global economic slow growth and increased interest, the World Bank expects a 4.7-percent growth in 2025 in the Gulf area, Al-Budaiwi elaborated. In light of economic challenges facing several countries all over the world, GCC states have become a destination of various international companies as they have promising commercial opportunities, he stated. Kuwait's Minister of Finance, Minister of State for Economic Affairs and Investment, and Acting Minister of Oil Nora Al-Fassam is leading Kuwait's delegation at the meeting. Source: Kuwait News Agency