BCG's outlook suggests that the GCC's payment revenue pool will expand from $23 billion in 2019 to $24.3 billion in 2024. It has been forwarded to the relevant department and will be dealt with as soon as possible. SHOW MORE Last Update: Wednesday, 20 May 2020 KSA 10:02 - GMT 07:02

However, under a quick-rebound scenario, BCG's outlook suggests that the GCC's payment revenue pool will expand from $23 billion in 2019 to $24.3 billion in 2024, a CAGR of 1.1 per cent, said the report, which sheds light on the projected outlook for key economies in three revenue growth scenarios. GCC payment markets are still developing in comparison to others, and private equity, ecosystem participants, and local competitors seeking to build scale regionally will most probably drive M&A activity.". The In Focus section in this edition of the Gulf Economic Update identifies three important ways through which regional investment strategies could better align diversification with environmental sustainability and climate resilience. It should then recover to over 3% in 2020 as oil production cuts are reversed, and as large infrastructure projects generate positive spillovers to private sector growth. Saudi Arabia’s GDP growth rate will likely slow to 0.4% in 2019 before rising to an average of 2.1% over 2020-2021. Qatar’s real GDP is projected to fall by 4.3 percent in 2020 while Oman’s is projected to decline by 2.8 percent compared to 0.5 percent in 2019.In the region, Kuwait fared better with a projected growth of -1.1 percent compared to 0.7 percent in 2019. Qatar: Growth is expected to reach 3% in 2019, accelerating to 3.2% in 2020 and to 3.4% by 2021, as the country continues construction operations in preparation for the 2022 World Cup. Oman: The growth rate is projected to accelerate from an estimated 0% in 2019 to 3.7% in 2020 and 4.3% in 2021, supported by rising natural gas production. Download. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. "Across the GCC during the crisis, higher numbers of merchants welcomed contactless payments, including those of lower value. Under a quick-rebound scenario, BCG’s outlook suggests that the GCC’s payment revenue pool will expand from $23 billion in 2019 to $24.3 billion in 2024, a Compound Annual Growth Rate (CAGR) of 1.1 percent. Privacy Policy. All rights reserved. Your download link will be emailed to you shortly. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. © Al Nisr Publishing LLC 2020.

Bahrain: Growth dropped to 0.8 (y/y) in the second quarter after posting a 2.6% growth rate in the first quarter of 2019. Kuwait: Growth is forecast at 1.6% in 2019 due to OPEC+ oil output cuts in the first half of the year. Thank you for your enquiry. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Quickly uncover hidden opportunities with comprehensive data and content. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. This section is about Living in UAE and essential information you cannot live without. UAE to spend around $7bln in social projects in 2021 budget, Surge in female founders joining Hub71, Abu Dhabi’s growing tech ecosystem, Oman income tax expected in 2022 in fiscal shake-up, A Kuwaiti virologist discovers a way to treat COVID-19 infections, Saudi KAUST to support SMEs with research & innovation, Sustainable innovation, human happiness to drive post-COVID growth in MENAT: HSBC, UAE billionaire Hussain Sajwani eyes more investments outside Gulf, Strong investor interest for ICD's new $600mln sukuk on Nasdaq Dubai, Dubai Islamic Bank completes integration of Noor Bank, Monday Outlook: Asian shares rebound; oil prices slump. “Despite growing emerging market concerns, appetite for GCC debt remains high,” said Jonah Rosenthal, senior analyst at the IIF. The World Bank Group works in every major area of development.

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There will be a one-off spike in growth to 6% in 2020 as the government plans to significantly increase investment in the Khazzan gas field. Economic growth in the Gulf Cooperation Council (GCC) states significantly weakened in 2019; overall real GDP growth is estimated to drop to 0.8% in 2019 from 2% in 2018 before gradually gradually recovering in 2020-21. The IIF’s outlook on the region follows a very positive economic outlook for the UAE from the International Monetary Fund (IMF). According to the IIF, financial soundness indicators suggest that the banking systems across the GCC remain sound. The UAE’s GDP growth rate is projected to accelerate from 1.7% in 2018 to 3% by 2021. The output loss associated with this health emergency and related containment measures likely dwarfs the losses that triggered the global financial crisis.”.

Bahrain’s economy is expected to grow at an average rate of 2.3% over 2020-21. MENA Economic Outlook - January 2019. 11:00 London | 14:00 Dubai. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Views of an improved economic and business environment in the GCC has more than doubled from 31% to 71% HNWIs positive about 2019 HNWIs are currently more positive than they have been in the last 3 years regarding both global and GCC economic prospects Your browser is not up-to-date. Register to read and get full access to gulfnews.com, By clicking below to sign up, you're agreeing to our This edition of the Gulf Economic Update explores the links between economic diversification and environmental sustainability. Dubai: GCC countries are expected to see a pick-up in economic growth in 2018 and 2019, according to the latest forecasts by the Institute of International Finance (IIF).

Both on your website and other media. There are four approaches that can enhance human capital in the GCC if countries adopt a holistic governmental strategy to improving health and education outcomes. We’ll send you latest news updates through the day. 360.09 kb Kuwait outlook. Terms of Use Domestic demand should strengthen with [the] easing of fiscal consolidation,” said Garbis Iradian, IIF’s chief economist in the Mena region. In the region, Kuwait fared better with a projected growth of -1.1 percent compared to 0.7 percent in 2019.

The economy is expected to grow at around 3% by 2020 as higher government spending supports the non-oil sector. The oil and non-oil sectors made a roughly equal contribution to year-on-year (y/y) growth in the first quarter. World Economic Outlook, April 2019: Growth Slowdown, Precarious Recovery April 2, 2019 Description: After strong growth in 2017 and early 2018, global economic activity slowed notably in the second half of last year, reflecting a confluence of factors affecting major economies. United Arab Emirates: Growth in the UAE is forecast at 2.6% in 2019, jumping to 3% in 2020 as the country pushes infrastructure investments ahead of Dubai’s Expo 2020. Thank you for your demo request. Oman: Growth is projected to slow to 1.2% in 2019 as Oman's commitment to the December 2018 OPEC+ output cut constrains oil production.

and While the UAE has not released economy-wide numbers for the second quarter, the Purchasing Managers’ Index (PMI) and other indicators of economic sentiment suggest that non-oil growth maintained its momentum from 2018 through at least mid-2019, while a 7% decrease in oil production weakened growth in the oil sector. The payment revenue pool of the GCC will reach $23.1 billion by 2024, at a compounded annual growth rate of just 0.1 per cent, in a slow-recovery economic scenario evolving in the backdrop of the Covid-19 induced meltdown, according to Boston Consulting Group.However, under a quick-rebound scenario, BCG's outlook suggests that the GCC's payment revenue pool will expand from $23 billion in 2019 to $24.3 billion in 2024, a CAGR of 1.1 per cent, said the report, which sheds light on the projected outlook for key economies in three revenue growth scenarios.The revenue pool, under a deeper-impact scenario, is projected to shrink by a CAGR of -0.9 per cent, it said in a report 'Global Payments 2020: Fast Forward into the Future'Godfrey Sullivan, managing director and partner, BCG, said Covid-19 related headwinds such as decreasing oil prices, a slowdown in tourism, and a substantial rise in expatriate migration had slowed overall economic growth. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Wednesday, 2nd October 2019. All Rights Reserved.

Global data and statistics, research and publications, and topics in poverty and development. In the United Arab Emirates, real GDP growth is forecast to slip by 3.5 percent real compared to 1.3 percent recorded in 2019.

Providers should be prepared for such change and align payment choices to accommodate different industries' purchasing trends. The share of non-performing loans (NPLs) to total loans stands at less than 2 per cent in Saudi Arabia, Qatar, Kuwait and Oman, and between 4 and 7 per cent in Bahrain and the UAE. “Monetary tightening and the rise of borrowing costs come at a time when credit growth remains subdued and private sector economic activity is weak, particularly in Saudi Arabia,” said Iradian. The forecast is marked down by more than 6 percentage points relative to the October 2019 WEO and January 2020 update - an extraordinary revision over such a short period of time. Negative nominal growth rates were reported in the first half of 2019.

"BCG report noted that the pandemic would elevate ecommerce growth. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face.



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