GCC growth to touch 3.6% in 2024: World Bank

Growth in the Gulf Cooperation Council (GCC) countries is expected to rise to 3.6% in 2024 and 3.8% in 2025, thanks to last year's robust non-oil sector activity, a report said, citing the World Bank’s Global Economic Prospects report.

However, the growth rate in the Middle East and North Africa (MENA) region slowed down sharply to 1.9% in 2023, as the region faced multiple headwinds, including oil production cuts, elevated inflation, and weak private sector activity in oil-importing economies, Emirates News Agency, WAM, said, quoting the report.

The report, released on January 9, also expected the growth rate in the Mena region to pick up and hit 3.5% in 2024 and 2025.

Growth in oil importers in the region also slowed slightly last year, reflecting anaemic private sector activity, the report said, adding that growth is expected to touch 3.2% this year and 3.7% in 2025.

According to the report, the UAE's real gross domestic product (GDP) is expected to have hit 3.4% in 2023, touching 3.7% in 2024, and 3.8% in 2025.

Growth in Saudi Arabia is projected to reach 4.1% growth this year, rising to 4.2% next year, while the Kuwaiti economy is expected to touch 2.6% by the end of this year, rising to 2.7% next year.

While Bahrain’s economy is expected to attain 3.3% growth in 2024 and 3.2% in 2025, Qatar is expected to touch 2.5% this year, rising to 3.1% next year, and Oman, 2.7% in 2024 and 2.9% in 2025. – TradeArabia News Service

Source: https://www.tradearabia.com/news/BANK_417580.html