The UAE’s real gross domestic product (GDP) is expected to grow by 3.7% in 2024, up from from 3.4% last year, according to the World Bank’s Global Economic Prospects report.

The GDP is forecast to rise to 3.8% in 2025, it added.

Meanwhile, the growth in the Gulf Cooperation Council (GCC) countries will rise to 3.6% in 2024 and 3.8% in 2025, supported by rebounding oil activity.

Conversely, the growth rate in the Middle East and North Africa (MENA) region slowed significantly to 1.9% in 2023. This slowdown was driven by various challenges, such as reduced oil production, heightened inflation, and subdued private sector performance in oil-importing nations.

Nevertheless, the growth rate will pick up in the MENA region to 3.5% in 2024 and 2025.

Saudi Arabia’s economy is projected to grow by 4.1% this year, rising to 4.2% next year.

Kuwaiti economy is expected to expand by 2.6% in 2024, reaching 2.7% next year. The Bahraini economy is forecast to grow by 3.3% in 2024 and 3.2% in 2025.

In 2024, Qatar’s economy is projected to expand by 2.5%, with an anticipated growth of 3.1% the following year. Similarly, Oman’s economy will likely grow by 2.7% in 2024, followed by a 2.9% increase in 2025.     

(Editing by Brinda Darasha; brinda.darasha@lseg.com)