UAE’s GDP to grow: 3.9% in 2024, 4.1% in 2025, as per World Bank

Washington: The World Bank has revised its projections for the UAE’s real GDP growth, anticipating a growth rate of 3.9% in 2024, up from the previous forecast of 3.7% made in January.

In its latest economic update on the Middle East and North Africa (MENA) region, the World Bank also raised the UAE’s economic growth forecast for 2025 to 4.1%, an increase from the earlier estimate of 3.8%.

According to the report, the UAE is expected to see its current account surplus increase to 8.4% in 2024 and 8.3% in 2025. Additionally, the country is projected to achieve a fiscal balance surplus of 5.1% by the end of this year, with a slight decrease to 4.8% in the following year.

Also read: UAE GDP to grow by 5.3 percent in 2024: S&P Global

For the broader MENA region, the World Bank forecasts a growth rate of 2.7% in 2024, representing a return to pre-pandemic growth levels. Growth is expected to accelerate to 4.2% in 2025. In the GCC economies, which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, growth is predicted to reach 2.8% in 2024 and 4.7% in 2025. This growth is attributed to increased oil production and robust non-oil sector growth, driven by diversification efforts and reforms.

The report also notes that MENA’s GDP per capita is expected to grow by 1.3% in 2024, a notable improvement from the 0.5% rate in 2023. This growth is largely driven by the GCC economies, with a projected GDP per capita growth of 1.0% in 2024, compared to a decline of 0.9% in 2023.

World Bank UAE’s GDP is about World Bank UAE’s GDP