The UAE’s real gross domestic product (GDP) is expected to grow by 3.7% in 2024, up from from 3.4% last year, according to the World Bank’s Global Economic Prospects report.
The GDP is forecast to rise to 3.8% in 2025, it added.
Meanwhile, the growth in the Gulf Cooperation Council (GCC) countries will rise to 3.6% in 2024 and 3.8% in 2025, supported by rebounding oil activity.
Conversely, the growth rate in the Middle East and North Africa (MENA) region slowed significantly to 1.9% in 2023. This slowdown was driven by various challenges, such as reduced oil production, heightened inflation, and subdued private sector performance in oil-importing nations.
Nevertheless, the growth rate will pick up in the MENA region to 3.5% in 2024 and 2025.
Saudi Arabia’s economy is projected to grow by 4.1% this year, rising to 4.2% next year.
Kuwaiti economy is expected to expand by 2.6% in 2024, reaching 2.7% next year. The Bahraini economy is forecast to grow by 3.3% in 2024 and 3.2% in 2025.
In 2024, Qatar’s economy is projected to expand by 2.5%, with an anticipated growth of 3.1% the following year. Similarly, Oman’s economy will likely grow by 2.7% in 2024, followed by a 2.9% increase in 2025.
Source: Zawya
