11 IT N AaBbCcDdEe A Normal s, and improvements, choose Check for Updates. ANALYTICAL AND CRITICAL THINKING QUESTIONS GCC real GDP growth outlook 2018 2019 2017 2.5 2.1 2.7 2.8 2224 2. O 13 Kuwait Oman Qatar Saudi Arabia UAE Bahrain "Projections Source: The Gulf News Global economic activity is gaining momentum. Global growth is forecast at 3.6 percent this year, and 3.7 percent in 2018, compared to 3.2 percent in 2016. Risks around this forecast are broadly balanced in the near term, but are skewed to the downside over the medium term. The more positive global growth environment should support somewhat stronger oil demand. GCC countries are continuing to adjust to lower oil price. However, because of lower oil output, overall real GDP growth is projected to slow to 0.5 percent in 2017 from 2.2 percent in 2016. Growth prospects in the medium-term remain subdued amid relatively low oil prices and geopolitical risks. Source: IME policy paper (2017) Q1. Define economic growth and discuss its utility at the scale of one country and at the global scale. Q2. Discuss the factors affecting the GDP growth in Gulf corporation countries (GCC) Q3. By looking to the graph, explain why the GDP growth in some GCC countries was negative in 2017 Q4. How GCC countries can avoid negative economic growth (this is an open question, the figure and the text are a tool to answer this question)