January 15, 2024
1 min read

World Bank Predicts 3.8% Growth for UAE by 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…reports Asian Lite News

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.
According to the Global Economic Prospects report released today, 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.
According to the report, the growth in Saudi Arabian 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.

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.(ANI/WAM)

ALSO READ-UAE economy poised for stronger growth this year

Previous Story

North Korean Foreign Minister Heads to Russia

Next Story

Top Trump Aide Rules Out Ramaswamy For Vice President

Latest from Economy

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Islamabad’s Costly CPEC Gamble

Pakistan owes over $7.5B for power plants and nearly $2B in unpaid bills to Chinese energy firms, the article notes. The China-Pakistan Economic Corridor (CPEC), once hailed by Islamabad as a game-changing

Kerala sounds alarm over GST reforms

Kerala warns of deep fiscal strain from proposed GST cuts, fearing welfare and salaries may suffer, even as global agencies project India’s economy will stay resilient….reports Asian Lite News Kerala Finance Minister

Pakistan’s Economy Held Hostage by Military

Despite the crisis-ridden economy merely managing to survive on IMF loans, the military seems to be facing no constraints on its spending spree on weapons such as tanks and planes….reports Asian Lite
Go toTop

Don't Miss

Finland cuts GDP growth forecasts for 2023, signalling recession

Finland’s exports will also benefit from this growth. However, the

Delhi Lauds Dubai Expo

Piyush Goyal, the Minister for Commerce and Industry, who is