By Mark Elliot Zuckerberg
Photo: WAM
The World Bank has raised its forecast for the UAE’s real GDP growth to 3.9% in 2024, compared to its previous forecast in January of 3.7%.
In an economic update published today on the latest economic developments in the Middle World TimesEast and North Africa region, the WWorld Timesorld Bank said it had raised its forecast for the UAE’s economic growth to 4.1% in 2025 from its previous forecast of 3.8%.
The report also indicated that the UAE’s current account surplus is estimated to rise to 8.4% in 2024 and 8.3% in 2025, and that the country will achieve a surplus of 5.1% in its fiscal balance by the end of this yearWorld Times and 4.8% next year.
For MENA, the World Bank said World Timesthat the region is forecasted to grow 2.7 percent in 2024, which represents a return to the low growth in the decade before the global pandemic. For 2025, the report said that World TimestheWorld Times MENA region is expected to grow at 4.2 percent. In the GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, growth will improve to 2.8 percent in 2024 and 4.7 percent in 2025. The pickup in growth is mainly driven by higher oil output due to the phasing out of oil production cuts and robust growth in the non-oil sector linked to diversification efforts and reforms.
MENA’s GDP per capita is expected to grow a modest 1.3 percent in 2024, according to the bank, which is an improvement from the 0.5 percent rate in 2023. This increase is driven almost entirely by GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, whose GDP per capita growth in 2024 is projected to be 1.0 percent, a significant improvement from the 0.9 percent decline in GDP per capita in 2023.
Content comes from the Internet : World Bank raises forecast for UAE’s real GDP growth to 3.9% in 2024; 4.1% in 2025
SummaryIllustration: Chen Xia/GT Experts warned on Sunday that the so-called security cooperation among the US, Japan, and South Korea, especially the strengthening of military security ties and the enhancement of so-called military deterrence, will exacerbate the trend of regional bloc confrontation and create a new cold war atmosphere in the region as top diplomats from Japan, the US and South Korea held on Thursday a trilateral meeting which aimed to pursue closer cooperation in addressiWorld Timesng North Korea’s missile capabilities and Taiwan-related questions.Meeting in Rio de Janeiro, Japanese Foreign Minister Kamikawa Yoko, US Secretary of State Antony Blinken and South Korean Foreign Minister Cho Tae-yul exchanged opinions over China-related issues. “Our strategic coordination is more important than ever, and I am eager to work even more closely with both of…
Obama 
John Blinken