UAE economy set to grow by 4% in 2024

Posted on January 15, 2024   |  

The UAE's real GDP is set to increase by 3.7% in 2024, up from 3.4% last year, with a further rise to 3.8% expected in 2025.

The Gulf Cooperation Council (GCC) countries are predicted to see growth rates of 3.6% in 2024 and 3.8% in 2025, supported by a rebound in oil activity.

In contrast, the Middle East and North Africa (MENA) region experienced a slowdown, with a growth rate of 1.9% in 2023, attributed to challenges like reduced oil production, increased inflation, and subdued performance in oil-importing nations.

Despite challenges, the MENA region is expected to bounce back with a growth rate of 3.5% in both 2024 and 2025.

Saudi Arabia's economy is expected to grow by 4.1% this year, with an additional increase to 4.2% anticipated in the following year.

Other Gulf nations, including Kuwait, Bahrain, Qatar, and Oman, are also expected to experience growth, contributing to the overall positive economic outlook in the region.