World Bank raises forecast for UAE’s real GDP growth to 3.9 percent in 2024; 4.1 percent in 2025

 

The World Bank has revised its forecasts for real GDP growth in the UAE over the next two years, according to their latest economic update on the Middle East and North Africa region. The World Bank now projects that the UAE economy will grow by 3.9% in 2024, up from their previous estimate of 3.7%. Growth is expected to accelerate further to 4.1% in 2025, versus the earlier projection of 3.8%. 


The World Bank reports that the UAE's current account surplus is also expected to widen, reaching 8.4% of GDP in 2024 and 8.3% in 2025. Additionally, the country is forecast to realize a sizeable fiscal surplus of 5.1% of GDP this year and 4.8% next year. Overall growth in the MENA region is seen returning to pre-pandemic levels of around 2.7% in 2024, before picking up to an estimated 4.2% in 2025.


Among GCC economies including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, growth is projected to strengthen to 2.8% in 2024 and 4.7% in 2025. This upturn reflects higher oil output as OPEC+ production cuts end, as well as strong non-oil expansion supported by economic diversification efforts and reforms across GCC states. Per capita incomes in the GCC are also expected to post positive growth over the coming two years according to the World Bank's latest forecasts.

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