The World Bank raises its forecast for UAE economic growth to 4.1% in 2025
Washington, April 15 / WAM / The World Bank raised its forecast for real GDP growth in the United Arab Emirates to 3.9 percent in 2024, compared to its forecast last January of 3.7 percent.
The World Bank said, in a recent report issued today on the latest economic developments in the Middle East and North Africa region, that it raised its forecast for the growth of the UAE’s economy to 4.1 percent in 2025 from its previous forecast of 3.8 percent.
The report indicated that it is estimated that the current account balance in the UAE will rise to 8.4 percent in 2024 and 8.3 percent in 2025, and that the country will achieve a surplus in the public finance balance by 5.1 percent at the end of the current year, and by 4.8 percent next year. .
The World Bank expected the economic growth rate in the Gulf Cooperation Council countries to rise to 2.8 percent in 2024 and 4.7 percent in 2025, and noted its expectations that the growth of the per capita GDP in the Gulf Cooperation Council countries would reach 1 percent in 2024. From 0.9 percent from 2023.
According to the report, the Kingdom of Saudi Arabia’s economy is expected to grow by 2.5 percent this year, rising to 5.9 percent next year, and Kuwait’s economy is expected to grow by 2.8 percent by the end of this year, rising to 3.1 percent next year, while Bahrain’s economy is growing. By 3.5 percent in 2024 and 3.3 percent in 2025.
The report expected Qatar’s economy to grow by 2.1 percent this year, rising to 3.2 percent next year, and the Sultanate of Oman’s economy was estimated to grow by 1.5 percent in 2024 and 2.8 percent in 2025.
The World Bank report expected that the growth rate in the Middle East and North Africa region would reach about 2.7 percent at the end of this year, a slight increase from 1.9 percent in 2023, to rise to 4.2 percent next year.
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