{"id":98445,"date":"2024-12-04T00:00:00","date_gmt":"2024-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/world-bank-maintains-growth-forecast-for-the-uae-this-year-and-in-2025\/"},"modified":"2024-12-04T00:00:00","modified_gmt":"2024-12-04T00:00:00","slug":"world-bank-maintains-growth-forecast-for-the-uae-this-year-and-in-2025","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/04\/world-bank-maintains-growth-forecast-for-the-uae-this-year-and-in-2025\/","title":{"rendered":"World Bank maintains growth forecast for the UAE this year and in 2025"},"content":{"rendered":"

The World Bank maintained its GDP growth outlook<\/strong> for the UAE at 3.3% in 2024<\/strong>, keeping its the projection from its semi-annual report<\/a> unchanged, according to the end-of-year Gulf Economic Update report (pdf)<\/a>. The forecast is attributed to the 4.1% expansion in the non-oil sector, driven by growth in tourism, real estate, construction, transportation, and manufacturing. Its forecast for 2025 and 2026 remained unchanged at 4.1%, supported by an expected recovery in oil production.<\/p>\n

Current account surplus will continue to narrow next year:<\/strong> The country\u2019s current account surplus will narrow to 7.5% in 2024, down from 9.2% last year, with a decline to 7.3% on average in 2025-2026. The UAE will maintain a fiscal surplus of 4.9% of GDP in 2024, supported by expanding non-oil revenues. <\/p>\n

The employment-to-population ratio is projected to reach 80.3% in 2024<\/strong>, supported by policies promoting gender balance and female workforce participation.<\/p>\n

ON A REGIONAL LEVEL-<\/p>\n

The GCC economy is expected to grow by 1.6% in 2024, down from a semi-an<\/strong>nual forecast of <\/strong>1.9%<\/a><\/strong>.<\/strong> The region\u2019s non-oil sector is expected to expand by 3.7% due to ongoing diversification efforts in finance, logistics, and tourism. Meanwhile, oil GDP contracted by 7.5% due to reduced oil output. <\/p>\n

Optimism remains despite slower non-oil operations: <\/strong>Growth is expected to pick up to 4.2% in 2025-2026 as Opec+ crude production cuts ease, with non-oil GDP remaining resilient, though potentially growing at a slower rate in 2025 if lower oil prices lead to fiscal consolidation measures.<\/p>\n

GCC inflation averaged 2.3% for the first nine months <\/strong>of 2024<\/strong>, on the back of tighter monetary policies, subsidies, lower global food prices, and currency stability, though it could go up in 2025 due to stronger economic growth and interest rate cuts.<\/p>\n

The region is expected to shift from a fiscal surplus to a small deficit in 2024<\/strong>, driven by reduced oil revenues due to Opec+ production cuts. The region's combined fiscal deficit is expected to be 0.1% of GDP in 2024, widening slightly to 0.2% in 2025-2026 due to lower oil revenues and higher expenditures.<\/p>\n","protected":false},"excerpt":{"rendered":"

The forecast is attributed to the 4.1% expansion in the non-oil sector<\/p>\n","protected":false},"author":1,"featured_media":98446,"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-98445","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":"e4cd7746-d813-4fe9-98a6-b202cfe11172","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/2224.jpg","photo_position":"above","homepage_title":"","full_issue_title":"World Bank maintains growth forecast for the UAE this year and in 2025","related_issue":[98440],"teaser":"The forecast is attributed to the 4.1% expansion in the non-oil sector","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.d9d55475-36fb-48cd-a18f-826c4d480608.mp3"},"yoast_head":"\nWorld Bank maintains growth forecast for the UAE this year and in 2025 - 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