The World bank’s global economic prospect report has estimated that the UAE’s GDP will grow at 3. 9 percent in the year 2024, and at 4. 1 percent in the year 2025. The Australian economy is expected to grow slower than before and this is put at 3. 8 percent according to the latest update from the January estimate which was at 3. 7 percent for 2024.
Regional Economic Outlook
• Middle East and North Africa (MENA): It is expected to increase to 2. 8% in the year 2024 and further reach 4. 2% in 2025.
• Gulf Cooperation Council (GCC): The value added growth rate is projected at 2. 8% in 2024 and 4. 7% in 205.
Sector-Specific Projections
• Oil Exporters: The growth rates are projected for on average 2. 9% in 2024 and 4. 2% in 2025.
• Oil Importers: Projected that both the figure will grow by 2. 9% in 2024 and by 4 in 2025.
The fine-tuning of the forecast reveals the oriental pervasiveness of the UAE and the rest of the MENA countries buoyed by wide and assorted economic endeavors and the stable and even improving oil market backdrop.
