Real GDP growth forecast in Middle East 2022 and 2023, by country

Kuwait and Saudi Arabia were expected to have the highest GDP (Gross Domestic Product) growth in the Gulf Cooperation Council in 2022 at an 8.7 and 7.6 percent increase, respectively. Outside the GCC, Iraq and Israel were expected to see the biggest increase in GDP at 9.3 and 6.1 percent, respectively. Apart from Jordan and Yemen, all other countries in the Middle East region were forecast to see a significant drop in GDP growth in 2023 over 2022. GDP contributors Travel and tourism were a key contributor to GDP in the region and it was forecast to see a significant increase in the coming years. Additionally, in three of the six GCC countries, oil and gas production amounted to at least 40 percent of GDP contribution. The United Arab Emirates ranked fourth worldwide with a 27 percent contribution to GDP coming from oil and gas production. Despite this, the distribution of GDP contribution in the UAE comes from many different sectors and industries, leading to one of the more diversified economies in the region. Diversification and self-sufficiency Countries in the region have been striving for more economic diversity to help future-proof their economies. For example, in 2016 Saudi Arabia launched Vision 2030, a program to introduce new and varied revenue streams in the country, create jobs, and attract foreign investment. Furthermore, food self-sufficiency in the GCC has become a priority, with countries pushing to produce more of their food needs locally.