What To Know
- The report named as Growth in Middle East and North Africa shows the strong gross in UAE but current account has declined and non oil sector showed good performance.
- These figures are suggestive of the fact that the nation continues to strive to attain the diversification of the economy from oil.
- At the same time, GDP growth in developing oil exporters and oil importers is expected to slow down due to diverse patterns of economic recovery in the region.
The World Bank’s latest report of the Middle East and North Africa set the UAE GDP growth at 3.3 percent in 2024 and increase to 4.1 percent in 2025. The report named as Growth in Middle East and North Africa shows the strong gross in UAE but current account has declined and non oil sector showed good performance.
Among these countries, the highest regional real GDP per capita growth is expected to be of UAE which is 2.5% in 2024 and 3.4% in 2025. These figures are suggestive of the fact that the nation continues to strive to attain the diversification of the economy from oil.
Nevertheless, the current account balance is expected the reduce from 9.2% of GDP in the year 2023 to 7.5 % of GDP in the calendar year 2024. Outlook for fiscal balances suggest slight improvement and show estimated fiscal surpluses will average 4.9% of GDP in FY 2024 and 4.7% in FY 2025.
For the whole MENA region, economy is however predicted to witness a general daily average GDP growth from 1.8% in 2023 to 2.2% in 2024; with the GCC countries to rise to 4.2% in 2025. At the same time, GDP growth in developing oil exporters and oil importers is expected to slow down due to diverse patterns of economic recovery in the region.
