The World Bank’s most recent semi-annual MENA Economic Update, which was published today, projects that the UAE’s GDP will expand by 3.3% in 2024 and 4.1% in 2025.
The UAE is predicted to lead with real GDP per capita growth rates of 2.5% in 2024 and 3.4% in 2025, powered by strong development in the non-oil sector, according to the research, “Growth in the Middle East and North Africa.
Despite ongoing diversification initiatives, the research projects that the UAE’s current account surplus will drop from 9.2% of GDP in 2023 to 7.5% in 2024. In 2024, the UAE is anticipated to maintain 4.9% of GDP budgetary surpluses.
MENA is predicted to expand by 3.8% in 2025. It is anticipated that growth in GCC nations will increase from 1.9% in 2024 to 4.2% in 2025. Developing oil importers are expected to grow by 2.1% in 2024, while developing oil exporters are expected to grow by 2.7%.
According to the estimate, real GDP growth in the region will increase slightly from 1.8% in 2023 to 2.2% in 2024. Gulf Cooperation Council (GCC) nations are the main drivers of this increase, with growth expected to increase from 0.5% in 2023 to 1.9% in 2024 and 4.2% in 2025.
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