2024-04-15 20:28:48
The World Bank announced that it raised its forecast for real GDP growth in the United Arab Emirates to 3.9% in 2024, compared to its forecast last January of 3.7%.
Sharjah 24 – WAM:
The World Bank raised its forecast for real GDP growth in the United Arab Emirates to 3.9% in 2024, compared to its forecast last January of 3.7%.
The World Bank explained, in a recent report issued on Monday, on the latest economic developments in the Middle East and North Africa region, that it raised its forecast for the growth of the UAE’s economy to 4.1% in 2025 from its previous forecast of 3.8%.
The report indicated that it is estimated that the current account balance in the UAE will rise to 8.4% in 2024 and 8.3% in 2025, and that the country will achieve a surplus in the public finance balance by 5.1% at the end of this year, and by 4.8% next year. .
The World Bank expected the economic growth rate in the Gulf Cooperation Council countries to rise to 2.8% in 2024, and 4.7% in 2025, and noted its expectations that the growth of the per capita share of gross domestic product in the Gulf Cooperation Council countries would reach 1% in 2024. , from 0.9% from 2023.
According to the report, the economy of the Kingdom of Saudi Arabia is expected to grow by 2.5% this year, rising to 5.9% next year, and the economy of Kuwait is expected to grow by 2.8% by the end of this year, rising to 3.1% next year, while Bahrain’s economy will grow by 3.5% in the year. 2024, and 3.3% in 2025.
The report suggested that Qatar’s economy would grow by 2.1% this year, rising to 3.2% next year, and the Sultanate of Oman’s economy was estimated to grow by 1.5% in 2024, and 2.8% in 2025.
The World Bank report expects that the growth rate in the Middle East and North Africa region will reach regarding 2.7% at the end of this year, which is a slight increase from 1.9% in 2023, and will rise to 4.2% next year.
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