Real GDP in the United Arab Emirates is forecast to grow by 3.7% this year, a rise from last year’s 3.4% figure, as per the World Bank’s Global Economic Prospects report.

Whereas GDP is predicted to increase to 3.8% in 2025, the World Bank added.

In addition, growth in the Gulf Cooperation Council (GCC) countries will hit 3.6% in 2024 and 3.8% in 2025, bolstered by a rebound in oil activity.

In contrast, growth in the Middle East and North Africa (MENA) region experienced a considerable slowdown to 1.9% last year. This was fuelled by increased inflation, a reduction in oil production and muted private sector performance in oil-importing countries, Zawya reports.

That said, growth is forecast to rebound in the MENA region in 2024 and 2025 to 3.5%.

Furthermore, Saudi Arabia’s economy is estimated to grow by 4.1% this year, increasing to 4.2% in 2025.

In Kuwait, the economy is forecast to grow by 2.6% in 2024, and hit 2.7% next year, whilst in Bahrain 3.3% growth is forecast this year and 3.2% in 2025.

Elsewhere, Qatar’s economy is predicted to grow by 2.5% this year and 3.1% next year, whilst in Oman, the economy is set to expand 2.7% in 2024 and 2.9% in 2025.

Moreover, global growth is forecast to slow for the third consecutive year, according to the World Bank report, from 2.6% in 2023 to 2.4% in 2024, around three-quarters of a percentage point below the average from the 2010s, Gulf Business reports.

Developing economies are set for 3.9% growth, over one percentage point under the previous decade’s average

Advanced economies are forecasted to see a growth slowdown to 1.2% this year from 1.5% in 2023.