According to the published data from the Statistics Center of the Council of the Persian Gulf countries, the gross domestic product of the Council countries in 2020 amounted to 1.667 trillion dollars, which is 5.2% less than in the previous year.
It is important to note that the sovereign funds of the Council countries increased by 384 billion dollars in 2020 compared to 2019, reaching a value of 3.084 trillion dollars.
Alongside this, in the previous year, the size of total reserves of national central banks increased by 39.1 billion dollars, reaching a value of 2.577 trillion dollars. Each of the countries has its own sovereign funds and reserves, which were also reflected in the data for 2020.
In connection with the onset of the COVID-19 pandemic, the economies of many countries around the world faced challenges and difficulties; however, the Council countries managed to maintain their ability to withstand these challenges and deal with the consequences of the crisis, maintaining financial stability.
