The UAE’s economy is forecasted to expand by 3.3% in 2024, followed by a stronger growth of 4.1% in 2025, according to the World Bank’s latest MENA Economic Update, released this Wednesday. The report, titled Growth in the Middle East and North Africa, highlights the UAE’s leadership in GDP per capita growth, projecting increases of 2.5% in 2024 and 3.4% in 2025, largely driven by robust growth in the non-oil sector.
Despite diversification efforts, the UAE’s current account surplus is expected to decline from 9.2% of GDP in 2023 to 7.5% in 2024. However, fiscal surpluses are projected to remain strong, at 4.9% of GDP in 2024 and 4.7% in 2025.
GCC and Regional Growth Projections
Across the Middle East and North Africa (MENA), GDP growth is expected to reach 2.2% in 2024, up from 1.8% in 2023. The Gulf Cooperation Council (GCC) countries, including the UAE, will drive this growth, with GCC-wide expansion predicted to rise from 1.9% in 2024 to 4.2% in 2025.
While growth in oil-exporting countries in the region will improve, developing oil importers are expected to face slower growth, dropping from 3.2% in 2023 to 2.1% in 2024. Non-GCC oil exporters will see growth slip from 3.2% to 2.7% in 2024.
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