The World Bank has raised its 2024 real GDP growth forecast for the UAE to 3.9% from its previous forecast of 3.7% in January.
In an economic update released today on the latest economic developments in the Middle East and North Africa region, the World Bank announced that it has increased its economic growth forecast for the UAE in 2025 from 3.8% to 4.1%.
The report also estimates that the UAE’s current account surplus will increase to 8.4% in 2024 and 8.3% in 2025, while the country’s fiscal balance will be in surplus at 5.1% by the end of this year. He also pointed out that he was deaf. Next year it will reach 4.8%.
Regarding MENA, the World Bank said the region is expected to grow by 2.7% in 2024, returning to the low growth of the decade before the global pandemic.
The report predicts that in 2025 the MENA region will grow by 4.2%. Growth is expected to improve to 2.8% in 2024 and 4.7% in 2025 in GCC countries, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
This growth acceleration is primarily driven by increased oil production due to a phase-out of oil production cuts and strong growth in the non-oil sector associated with diversification efforts and reforms.
According to the bank, GDP per capita in the MENA region is expected to grow modestly at 1.3% in 2024, improving from 0.5% in 2023.
This increase is almost entirely due to GCC countries, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, where per capita GDP growth is expected to be 1.0% in 2024, compared to 0.9% globally. This is a significant improvement from a decrease. GDP per capita in 2023.