(MENAFN) The ICAEW's latest quarterly report shows that during the current year, countries of the Gulf Cooperation Council (GCC) are expected to post a growth of 5.6 percent, reported Emirates 24/7.
Most of the growth is driven by high oil prices and government infrastructure spending.
The report also reveals that the emirate of Dubai is leading the way through investing in jobs, education and skills and becoming a global business hub, however, GCC countries must diversify their economies if they want to become knowledge and skills led.
On the other hand, it noted that persistent high oil prices, government investment in infrastructure and spending on public services, including public sector salary rises, have increased consumer spending.
The report concluded that in order to sufficiently finance government commitments, oil prices must remain at high levels.
It is worth noting that the Institute of Chartered Accountants in England and Wales (ICAEW) provides its 138,000 members and students with premium accountancy qualifications and world class business resources.