World Bank predicts GCC economic growth to surge to 5% in 2025

Posted on June 3, 2024   |  

The World Bank has revised its forecast for the GCC's economic growth in 2025 to 4.7%, up from the previous projection of 3.8%.

However, the growth forecast for this year has been adjusted downward to 2.8% from the earlier estimate of 3.6%.

The economic rebound in the GCC is attributed to the expected recovery in oil production and a resilient non-oil sector.

The fiscal surplus in the GCC is anticipated to narrow in 2025, reaching 0.1% of GDP, while the current account surplus is expected to be 7.5% of GDP, down from 8.4% in 2022.

Based on the World Bank's previous forecasts, the UAE's real GDP is expected to accelerate to 3.9% this year.

Saudi Arabia is forecasted to achieve a growth rate of 2.5% in 2024 and 5.9% in 2025.