2020 has been a brutal year for the global economy. The Gulf Cooperation Council (GCC) economies are no exception; in late June, the IMF projected the six-member grouping would see an economic contraction of 7.6% driven by lower oil prices and the ongoing COVID-19 pandemic.
Despite 2020’s headwinds, KOGI remains bullish on the GCC’s medium-to-long term future. Recent analysis from the Frost & Sullivan consulting group indicates the region is poised for a small uptick in 2021 followed by a return to robust growth in 2022.
Throughout the GCC, technology, not natural resources, is driving future development plans. With the rollout of 5G leading to a “surge in digital penetration in the next decade,” writes Frost & Sullivan, “the GCC’s non-oil sectors—retail, healthcare, education, mega-event projects, and renewable energy—will continue to dominate the economy...creating future opportunities in the region.”
As GCC economies move out of lockdown, implement new measures to ensure public health, and continue their long-term drives for economic diversification, KOGI will be there—offering dynamic AI and IoT design solutions that help enterprises thrive in this new business normal.
Click here to learn more about how KOGI’s solutions—in healthcare, enterprise management, retail, transportation, and agriculture—can make a difference for you today!