Home Business UAE economy expected to grow by 3.8% in 2025: World Bank

UAE economy expected to grow by 3.8% in 2025: World Bank

by Staff Reporter
Published: Last Updated on
UAE’s top 10 trading partners and exports

The World Bank expected the UAE’s real GDP to grow by 3.4 percent in 2023, rising to 3.7 percent in 2024 and to 3.8 percent in 2025.

Global Economic Prospects report

According to the Global Economic Prospects report released on Tuesday, the World Bank forecast the growth in the Gulf Cooperation Council (GCC) countries to rise to 3.6 percent in 2024 and 3.8 percent in 2025, noting to last year’s robust non-oil sector activity.

The report said that the growth rate in the Middle East and North Africa (MENA) region slowed down sharply to 1.9 percent in 2023, as the region faced multiple headwinds, including oil production cuts, elevated inflation, and weak private sector activity in oil-importing economies. The report also expected the growth rate in the MENA region to pick up to 3.5 percent in 2024 and 2025

Growth in oil importers also slowed somewhat last year, reflecting anemic private sector activity, the report said, adding that growth is expected to edge up to 3.2 percent this year and 3.7 percent in 2025.

Saudi Arabia

According to the report, the growth in Saudi Arabia is projected to grow by 4.1 percent this year, rising to 4.2 percent next year, while the Kuwaiti economy is expected to grow by 2.6 percent by the end of this year, rising to 2.7 percent next year. The Bahraini economy is expected to grow by 3.3 percent in 2024 and 3.2 percent in 2025.

Qatar

The report expected Qatar’s economy to grow by 2.5 percent this year, rising to 3.1 percent next year, while the economy of Oman is estimated to grow by 2.7 percent in 2024 and 2.9 percent in 2025.

tanvir@dubainewsweek.com

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