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GCC Countries Boosting Economic Growth Potential Through Enhanced Productivity

Introduction

A recent study has revealed a significant opportunity for accelerated economic growth in the GCC countries, projecting an addition of over $2.5 trillion to the region’s GDP over the next decade through improvements in productivity performance.

Strategic Enhancement of Productivity

By strategically elevating productivity from the current growth rate of 3.8% to 5.4% over the span of 10 years, the region can unlock substantial economic growth and prosperity prospects. The study emphasizes the utilization of the Productivity Potential Index (PPI) to identify and address the weakest determinants of productivity within the GCC countries.

Key Findings and Recommendations

The study, titled ‘In search of productivity: The next $50 trillion global economy,’ highlights the importance of enhancing productivity performance. It underlines the potential boost to GCC economic growth by better understanding productivity determinants and emphasizes the significance of acting upon the study’s findings to improve the lives of people in the region over the next decade.

Focus on Sustainability and Green Growth

According to the Gulf Investment Report 2023 by Century International Holdings, the GCC has the potential to emerge as a global economic powerhouse by adopting a green growth strategy. The report suggests that with sustainable investments, the combined GDP of the six GCC countries could double to $13 trillion by 2050.

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