Saudi Arabia And UAE To Lead GCC GDP Growth In 2024: World Bank
Saudi Arabia and the UAE will lead GDP growth in the Gulf this year, according to World Bank forecasts.
UAE GDP will grow 3.7 percent this year before accelerating 3.8 percent next year, according to the World Bank.
Meanwhile, the global banking group expects Saudi Arabia to grow by 4.1 per cent this year, rising to 4.2 per cent next year
Saudi Arabia and UAE GDP growth
The World Bank expected the UAE’s real GDP to grow by 3.4 percent in 2023, rising to 3.7 percent in 2024 and to 3.8 percent in 2025.
According to the Global Economic Prospects report, the World Bank forecast the growth in Gulf Cooperation Council (GCC) countries to rise to 3.6 percent in 2024 and 3.8 percent in 2025, noting last year’s robust non-oil sector activity.
The report said that the growth rate in the Middle East and North Africa (MENA) region slowed down sharply to 1.9 percent in 2023 as the region faced multiple headwinds, including oil production cuts, elevated inflation, and weak private sector activity in oil-importing economies.
The report also expected the growth rate in the MENA region to pick up to 3.5 percent in 2024 and 2025.
Growth in oil importers also slowed somewhat last year, reflecting anaemic private sector activity, the report said, adding that growth is expected to edge up to 3.2 percent this year and 3.7 percent in 2025.
According to the report:
- Saudi Arabia is projected to grow by 4.1 per cent this year, rising to 4.2 per cent next year
- UAE GDP will grow 3.7 per cent this year before accelerating 3.8 per cent next year
- Bahrain’s economy is expected to grow by 3.3 per cent in 2024 and 3.2 per cent in 2025
- Oman’s GDP is estimated to grow by 2.7 per cent in 2024 and 2.9 per cent in 2025
- Kuwait’s economy is expected to grow by 2.6 per cent by the end of this year, rising to 2.7 per cent next year
- Qatar’s economy is expected to grow by 2.5 per cent this year, rising to 3.1 per cent next year
