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The World Bank expected the UAE’s real GDP to grow by 3.4 percent in 2023, 3.7 percent in 2024 and 3.8 percent in 2025.
According to the Global Economic Outlook In a report released today, the World Bank forecasts that growth in the Gulf Cooperation Council (GCC) countries will rise to 3.6 percent in 2024 and 3.8 percent in 2025, taking into account strong economic activity. of the non-oil sector last year.
The report says the growth rate in the Middle East and North Africa (MENA) region slowed sharply to 1.9 percent in 2023, as the region faced multiple headwinds, including oil production cuts, high inflation and weak private sector activity in the oil sector. importing economies. The report also expected the growth rate in the MENA region to increase to 3.5 percent in 2024 and 2025.
Growth in oil importers also slowed somewhat last year, reflecting anemic private sector activity, the report said, adding that growth is expected to rise to 3.2 percent this year and the 3.7 percent in 2025.
According to the report, growth in Saudi Arabia is expected to grow 4.1 percent this year and 4.2 percent next year, while Kuwait’s economy is expected to grow 2.6 percent by the end this year and 2.7 percent next year. year. Bahrain’s economy is expected to grow 3.3 percent in 2024 and 3.2 percent in 2025.
The report expects Qatar’s economy to grow 2.5 percent this year and 3.1 percent next year, while Oman’s economy is estimated to grow 2.7 percent in 2024 and 2.7 percent next year. 9 percent in 2025.
News source: Emirates News Agency
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