World Bank Upgrades UAE's GDP Growth Forecast to 3.9% for 2024, 4.1% for 2025

UAE, 16 April, 2024 : The World Bank has revised its forecast for the UAE's real GDP growth, projecting it to be 3.9% in 2024, up from the previous estimate of 3.7%. For 2025, the growth is expected to be 4.1%, increased from the earlier forecast of 3.8%. The UAE's current account surplus is set to rise to 8.4% in 2024 and 8.3% in 2025. Fiscal balance is also expected to improve, reaching a surplus of 5.1% by the end of this year and 4.8% next year.

In the broader Middle East and North Africa (MENA) region, growth is predicted to be 2.7% in 2024 and 4.2% in 2025. The GCC economies, including the UAE, are expected to see growth at 2.8% in 2024 and 4.7% in 2025. This uptick is attributed to increased oil output and strong growth in the non-oil sector, driven by diversification efforts and reforms.

MENA's GDP per capita is forecasted to grow by 1.3% in 2024, an improvement from 0.5% in 2023. The GCC economies are leading this growth with a projected 1.0% increase in GDP per capita for 2024, compared to a 0.9% decline in 2023.

Source : www.emirates247.com