Gulf Economy Growth Exceeds Global Average According To GCC Secretary-General Jasem Albudaiwi

The Gulf economy is experiencing growth that surpasses the global average, according to Jasem Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC). He noted that the labour market in the Gulf has expanded by 25% over four years. This progress is attributed to the ambitious development plans of GCC states.

Albudaiwi made these remarks during the 11th meeting of the Committee of Labour Ministers of GCC countries in Kuwait City. The meeting was chaired by Dr. Amthal Hadi Haif Al Huwailah, Kuwait's Minister of Social Affairs and Family and Childhood Affairs. The gathering included GCC labour ministers.

The GCC secretary-general highlighted that the committee meeting occurred amidst positive economic and social indicators. The International Monetary Fund forecasts a 4.1% growth for GCC economies by 2026, exceeding global averages. "This is driven by growth in the non-oil sectors, which have become the main engine of development thanks to ambitious visions and development projects," he explained.

Albudaiwi also pointed out significant growth in the GCC labour market. From 2020 to 2024, worker numbers rose from approximately 27.9 million to about 34.9 million, marking a 24.8% increase. "This reflects the success of policies aimed at reducing unemployment rates and expanding the role of the private sector, in addition to developing skills and increasing investment in the region," he stated.

The secretary-general praised advancements in empowering Gulf women, noting an increase in female participation in the workforce from 36.4% in 2019 to 40.2% by mid-2024. This progress highlights successful gender balance initiatives and supportive work environments for women.

He emphasised that Gulf societies are rich with youthful energy and creativity, which are invaluable resources. Participation rates in the Gulf labour market have exceeded global averages, necessitating effective labour policies to harness this potential efficiently.

Support from Leadership

At the start of his speech, Albudaiwi expressed gratitude to Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah for hosting the meeting and supporting GCC efforts. He acknowledged the continuous backing from GCC leaders across all fields.

The meeting underscored how joint Gulf actions receive generous support from leaders, contributing significantly to regional success stories.

The discussions at this meeting reflect ongoing efforts to strengthen economic ties within the region while addressing key challenges like unemployment through strategic initiatives focused on sustainable development goals.

With inputs from SPA