{"id":96955,"date":"2024-10-18T00:00:00","date_gmt":"2024-10-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-economy-to-grow-3-3-in-2024-world-bank\/"},"modified":"2024-10-18T00:00:00","modified_gmt":"2024-10-18T00:00:00","slug":"uae-economy-to-grow-3-3-in-2024-world-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/18\/uae-economy-to-grow-3-3-in-2024-world-bank\/","title":{"rendered":"UAE economy to grow 3.3% in 2024 -World Bank"},"content":{"rendered":"

World Bank cuts UAE growth outlook for 2024: <\/strong>The World Bank has revised downward its growth outlook for the UAE. It\u2019s now forecasting GDP growth of 3.3% for the current calendar year, trimming 0.6 percentage points from its May<\/a> projection of 3.9%, in its semi-annual MENA economic update \u2014 Growth in the Middle East and North Africa (pdf)<\/a>. Its 2025 forecast remains unchanged at 4.1%. <\/strong><\/p>\n

The UAE is still expected to lead MENA in real per-capita GDP growth<\/strong>, with the non-oil sector driving a 2.5% increase.<\/p>\n

Current account surplus to narrow:<\/strong> The report\u2019s authors expect the UAE\u2019s current account surplus to drop to 7.5% of GDP in 2024, down from 9.2% in 2023. Fiscal surplus will hold steady at 4.9% of GDP this year, thanks to expanding non-oil revenues, putting the UAE in line with Qatar as the only countries in the region to maintain a fiscal surplus, thanks to the \u201cexpansion of non-oil revenues.\u201d <\/p>\n

Inflation on the rise:<\/strong> Inflation is expected to reach 2.2% in 2024, driven by rising housing and utility costs, before easing to 2.1% in 2025. <\/p>\n

REMEMBER- UAE Inflation reached <\/strong>2.08%<\/a><\/strong> in 1H 2024<\/strong>, narrowing slightly from the 2.09% it reached in 1H 2023. <\/p>\n

Regional growth slashed as well:<\/strong> MENA economies are now expected to grow 2.2% this year, down from a summer forecast of 2.8%, but still higher than the 1.8% recorded in 2023. The region\u2019s 2024 growth outlook has been significantly downgraded, particularly among conflict-affected countries. <\/p>\n

The ray of sunshine: MENA growth is expected to accelerate to 3.8% in 2025<\/strong>, though that\u2019s down from the World Bank\u2019s earlier forecast of 4.2%.<\/p>\n

The concern:<\/strong> \u201cEconomic\u202funcertainty in MENA\u202fis currently twice the average of other emerging markets and developing economies worldwide,\u201d according to the report, based on the range of forecasts from private sector analysts.<\/p>\n

What\u2019s next: <\/strong>The report was published just ahead of the World Bank and IMF Annual Meetings<\/a>, which will take place next week in Washington, DC, from 21-26 October.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fiscal surplus to remain stable at 4.9%<\/p>\n","protected":false},"author":1,"featured_media":96956,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[19,7,285,96],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-inflation","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"f3495847-48c9-49da-8ca6-65bfcd081494","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1802.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE economy to grow 3.3% in 2024 -World Bank","related_issue":[96947],"teaser":"Fiscal surplus to remain stable at 4.9%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.190f3822-fd91-4f2a-8229-4c8320e919ac.mp3"},"yoast_head":"\nUAE economy to grow 3.3% in 2024 -World Bank - 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