2022 GCC outlook: path towards a new economic model: The MUFG Global Markets Podcast

The decades-old reliance on oil and gas alongside the dominance of GCC governments and related entities have led to overdependence on energy prices, an underdeveloped private sector and low productivity growth. However, there is increasing evidence that the “this time is different” mantra is bearing fruit.

Encouragingly, the vigour of GCC authorities to realise National Vision strategies to structurally transform their economies away from the cyclical reliance of oil and gas is gaining traction. Granted, diversification will require patience given the scale and magnitude of the transformation programmes at hand, but what is clear is that the longstanding impediments to investment and productivity are progressively being reversed.

In this week’s podcast, Ehsan Khoman, Head of Emerging Markets Research (EMEA), provides insights into the current assessment and prospects of the GCC region in 2022, taking stock of COVID-19 developments, energy transition progress and ESG considerations.

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