Gulf Economic Update: Green Growth Opportunities in the GCC

Publication:
Gulf Economic Update: Green Growth Opportunities in the GCC

dc.contributor.author	World Bank
dc.date.accessioned	2022-11-03T14:24:54Z
dc.date.available	2022-11-03T14:24:54Z
dc.date.issued	2022-08-31
dc.description.abstract	The world economy was on track for a strong, albeit uneven, recovery from COVID-19. However, the war in the Ukraine and supply-chain disruptions exacerbated by shutdowns in China due to the zero-COVID policy are dealing a serious blow to global recovery. The Gulf Cooperation Council (GCC), however, is expected to perform strongly this year. Booming hydrocarbon prices have eased pressure on fiscal balances and public sector debt and has increased current account surpluses in the GCC. Despite efforts by GCC countries, diversification is still below potential. There is progress in the non-oil economy but limited success in non-oil exports. Structural reforms must be continued to help nurture a competitive private sector. There is however an excellent and timely opportunity to diversify further the economy using a green growth strategy. The extra windfall from higher oil prices to the GCC can be used to start new high-growth, green industries that would help the economies of the region grow by an extra 3-6 percent as detailed in the Focus section of this update. The special focus section also emphasizes that there is no inherent long run trade-off between emissions reductions, economic growth, and poverty alleviation. Moving away from fossil fuels towards a greener future should not be seen as a threat but as a tremendous opportunity as the costs of renewable energy have fallen dramatically in recent years. The region already has three record-breaking, low-cost auctions for solar energy supply in Qatar, UAE, and Saudi Arabia. The region also has the potential to be a lead producer of green and blue hydrogen. With the right regulations, policies, and investments to support the transition, GCC countries can emerge with stronger, more sustainable economies that generate rewarding jobs for their youth while simultaneously protecting the planet. Finally, this report highlights potential pathways for GCC countries to benefit from and play a leading role in the global transition to a low-carbon economy.	en
dc.identifier	http://documents.worldbank.org/curated/en/099337010182222173/IDU16928b14e11cef1492f1a4481263a1f40d4c4
dc.identifier.doi	10.1596/38255
dc.identifier.uri	https://hdl.handle.net/10986/38255
dc.language	English
dc.publisher	Washington, DC: World Bank
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo
dc.subject	INTRAREGIONAL TRADE
dc.subject	GULF COOPERATION COUNCIL (GCC)
dc.subject	COVID-19
dc.subject	ECONOMIC RECOVERY
dc.subject	ECONOMIC IMPACT OF CLIMATE CHANGE
dc.title	Gulf Economic Update	en
dc.title.subtitle	Green Growth Opportunities in the GCC	en
dc.type	Report	en
dc.type	Rapport	fr
dc.type	Informe	es
dspace.entity.type	Publication
okr.crossref.title	Gulf Economic Update
okr.date.disclosure	2022-10-31
okr.date.doiregistration	2025-05-07T11:28:26.811707Z
okr.date.lastmodified	2022-10-25T00:00:00Z	en
okr.doctype	Report
okr.doctype	Publications & Research
okr.docurl	http://documents.worldbank.org/curated/en/099337010182222173/IDU16928b14e11cef1492f1a4481263a1f40d4c4
okr.guid	099337010182222173
okr.identifier.externaldocumentum	IDU-6928b14e-1cef-492f-a448-263a1f40d4c4
okr.identifier.internaldocumentum	33928421
okr.identifier.report	177189
okr.imported	true	en
okr.language.supported	en
okr.pdfurl	http://documents.worldbank.org/curated/en/099337010182222173/pdf/IDU16928b14e11cef1492f1a4481263a1f40d4c4.pdf	en
okr.region.administrative	Middle East and North Africa
okr.region.geographical	Middle East
okr.topic	International Economics and Trade::Trade and Regional Integration
okr.topic	Macroeconomics and Economic Growth::Regional Economic Development
okr.topic	Macroeconomics and Economic Growth::Economic Stabilization
okr.unit	MNA External Affairs (ECRMN)