Economic growth in the six-member Gulf Cooperation Council will remain strong but slow significantly next year as high oil prices hurt demand for the commodity, a Reuters poll showed.
Crude prices , a key catalyst for Gulf economies, have fallen more than 30% from a near 14-year high of $139 in March as global recession fears and weak demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.
China, the world's largest crude oil importer, has been fighting COVID-19 flare-ups and stuck to a zero-COVID-19 policy that is weighing heavily on economic activity and global oil demand.
China is a major revenue source for the region and the Oct. 10-19 Reuters poll showed overall growth in the six economies comprising the Gulf Cooperation Council (GCC) would slow to 4.2% next year compared with 6.6% in 2022.