According to the most recent Global Economic Prospects report by the World Bank, the real GDP of the United Arab Emirates is expected to increase by 3.9 percent in 2024 and further to 4.1 percent in 2025.
The World Bank increased its estimate for the UAE’s real GDP growth in April 2024 from 3.7 percent in January to 3.9 percent. Growth in the Middle East and North Africa is anticipated to accelerate to 2.8 percent in 2024 and 4.2 percent in 2025.
The countries of the Gulf Cooperation Council (GCC) are anticipated to see stronger growth, reaching 2.8% in 2024 and 4.7% in 2025.
Oil exporters’ economies are expected to expand by 2.9% and 4.2% in 2024 and 2025, respectively, while oil importers’ economies are anticipated to grow by 2.9% and 4% in 2024 and 2025, respectively.
The World Bank’s latest Global Economic Prospects report predicts that the world economy will stabilize in 2024 for the first time in three years, albeit at a weak level by recent historical standards.
The average growth rate for developing economies is predicted to be 4% between 2024 and 2025, marginally less than in 2023. The growth rate of low-income economies is anticipated to quicken from 3.8% in 2023 to 5% in 2024. Nevertheless, since January, downgrades have been made to the growth projections for 2024 in three of the four low-income economies. Growth in developed economies is predicted to hold steady at 1.5% in 2024 and then increase to 1.7% in 2025.
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