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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.