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World Bank raises UAE GDP growth forecast to 3.9% in 2024


The World Bank has raised its forecast for UAE real GDP growth to 3.9% in 2024, up from its previous January forecast of 3.7%.

In an economic update released today on the latest economic developments in the Middle East and North Africa region, the world Bank said it had raised its forecast for UAE economic growth to 4.1% in 2025 from its previous forecast of 3.8%.

The report also stated that the UAE’s current account surplus is estimated to rise to 8.4% in 2024 and 8.3% in 2025, and that the country will reach a surplus of 5.1% in its fiscal balance by end of this year and 4.8% next year. year.

For MENA, the world Bank He said the region is projected to grow 2.7 percent in 2024, representing a return to the low growth of the decade before the global pandemic. By 2025, the report says the MENA region is expected to grow by 4.2 percent. In the GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, growth will improve to 2.8 percent in 2024 and 4.7 percent in 2025. The pick-up in growth is mainly due to higher oil production due to gradual reduction. from cuts in oil production and solid growth in the non-oil sector linked to diversification and reform efforts.

MENA’s GDP per capita is expected to grow a modest 1.3 percent in 2024, according to the bank, which is an improvement from the 0.5 percent rate in 2023. This increase is driven almost entirely by entirely by the GCC economies, including Bahrain, Kuwait, Oman and Qatar. , Saudi Arabia and the United Arab Emirates, whose 2024 GDP per capita growth is projected to be 1.0 percent, a significant improvement over the 0.9 percent GDP per capita decline in 2023.

News source: Emirates News Agency


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