According to the World Bank, the UAE’s real GDP growth is expected to increases by 3.9% in 2024, up from 3.7% in January.
In an economic update on the most recent changes to the Middle East and North Africa economy released on Monday, the World Bank announced that it has increased its estimate of the United Arab Emirates’ GDP growth to 4.1% in 2025 from its prior estimate of 3.8%.
According to the analysis, the UAE is expected to have a fiscal balance surplus of 5.1% by the end of this year and 4.8% the following year. Additionally, the country’s current account surplus is predicted to increase to 8.4% in 2024 and 8.3% in 2025.
According to the World Bank, Mena’s growth is expected to reach 2.7% in 2024, a return to the region’s modest growth in the ten years before to the global pandemic. According to the report, the MENA area is predicted to rise by 4.2 percent by 2025. The GDPs of the GCC countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—will expand by 2.8% and 4.7%, respectively, in 2024 and 2025. Increased oil output due to the gradual removal of oil production cuts and strong development in the non-oil sector due to diversification initiatives and reforms are the primary drivers of the growth uptick.
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