GDP of GCC states stands at $2.2 trillion as Finance Ministers call for economic integration
Kuwait’s Minister of Finance and Minister of State for Economic Affairs and Investment, Noura Al-Fassam, announced that the gross domestic product (GDP) of Gulf Cooperation Council (GCC) countries reached $2.2 trillion in 2024. She emphasized that the GCC economy now ranks among the top 10 economies globally by GDP.
Looking ahead to 2025, she said economic growth is expected to continue, largely fueled by the expansion of non-oil sectors, infrastructure investments, tourism development, and renewable energy projects, reports Al-Anba daily.
Al-Fassam, chairing the 123rd meeting of the Financial and Economic Cooperation Committee of the GCC, hosted by Kuwait, said this marks a strategic milestone in the push toward deeper economic integration among member states.
She stressed the importance of unity and coordination in responding to evolving regional and international developments, urging greater cohesion to confront challenges and seize investment opportunities. She said the region stands at a pivotal moment to build on past achievements and shape a prosperous future grounded in a shared legacy and vision.
Highlighting the urgency of joint action, Al-Fassam referred to the recent speech by His Highness the Amir Sheikh Mishal Al-Ahmad at the opening of the 45th GCC Supreme Council session in December 2024.
She reminded of his call to accelerate economic integration by unifying policies, diversifying income sources, enhancing trade and investment, supporting local industries, and embracing innovation and emerging fields such as artificial intelligence.
These steps, she noted, are essential to improving regional competitiveness and ensuring prosperity for the GCC nations.
The minister also emphasized that current regional and global developments, including geopolitical instability and fluctuations in energy and food markets, necessitate stronger Gulf cooperation.
She underscored the responsibility of the region’s leaders and institutions to translate ambitious directives into tangible outcomes that bolster the Gulf’s economic unity, enhance resilience, and improve the well-being of its citizens. The 123rd committee meeting, she noted, offers an opportunity to deliberate on key issues and propose recommendations to advance this shared economic agenda.
GCC Secretary-General Jassim Al-Budaiwi echoed Al-Fassam’s sentiments, stating that the GCC has made significant progress in achieving its economic goals and enhancing its global stature as a financial and investment hub.
He said member countries are steadily moving toward completing the steps necessary for full economic integration while also forming strategic partnerships with countries and economic groups around the world.
Al-Budaiwi also addressed the increasing global economic volatility, urging a collective, strategic response to protect the region’s economies.
He praised the GCC’s resilience, noting its ability to maintain stability and growth even during crises. He concluded by reaffirming the council’s commitment to boosting cooperation in financial and economic matters, which will amplify the benefits of initiatives like the Customs Union and Gulf Common Market for all GCC citizens.
