MENA Key themes 2022: GCC starts the year on a firm footing
The Gulf Cooperation Council (GCC) will be one of only two major regions globally (the other being ASEAN) to grow faster – at above 5% – in 2022 relative to this year, provided the Omicron variant does not prove too disruptive. Although regional recovery has lagged its peers over the last 12 months, 2021 has been a decent year, with GCC GDP expected to surpass pre-crisis levels in Q1 2022.
What you will learn:
- The expected increase will be driven by the oil sector, reversing the dynamics of the last three years when OPEC policy constrained output.
- We expect non-oil activity to continue to recover in 2022 following the almost complete lifting of health restrictions.
- The improvement in economic conditions will spur job creation after a year of limited employment gains.
Fossil-fuel subsidies hinder the clean energy transition in the MENA
The MENA region is a key player in the energy sector as a large producer of oil and gas, but over time, it has also come to be a significant energy consumer Growth and development in Middle East and North Africa (MENA) countries have fuelled an appetite for energy, much of it satisfied by oil and natural gas. This carbon-intensive mix has been enabled by low fossil-fuel energy prices thanks to generous government subsidies. Removing subsidies is politically challenging and difficult in a high-price fossil fuel environment.Find Out More
Understanding Africa’s climate risks
We have expanded our climate transmission channels on the Global Economic Model to include more sub-Saharan African economies. Through scenario analysis, we can better understand the climate risks faced by Botswana, Ghana, Kenya, Mauritius, Mozambique, Nigeria, Tanzania, Uganda, and Zambia.Find Out More