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World Bank Predicts UAE’s Real GDP Growth of 3.4% in 2023 and 3.7% in 2024

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

Growth Expectations for UAE’s Economy

Introduction

The World Bank predicts that the United Arab Emirates (UAE) will experience a 3.4% growth in its real Gross Domestic Product (GDP) by the end of 2023, with an expected increase to 3.7% in 2024.

Economic Development in the Middle East and North Africa

The latest report from the World Bank on economic development in the Middle East and North Africa region reveals that the UAE’s real GDP per capita is projected to grow by 3.4% in 2023, followed by a further growth of 3.0% in 2024.

Current Account Balance and Government Finance Surplus

The report also anticipates an increase in the UAE’s current account balance, reaching 12.4% in 2023 and 11.8% in 2024. Additionally, the UAE is expected to achieve a government finance surplus of 5.2% in 2023 and 4.6% in 2024.

Growth Projections for the Gulf Cooperation Council

The World Bank estimates a 1% economic growth for the Gulf Cooperation Council (GCC) in 2023, with a significant increase to 3.6% in 2024.

Economic Growth in Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain

According to the report, the Kingdom of Saudi Arabia is expected to experience a 4.1% growth in its economy in 2024. Kuwait’s economy, on the other hand, is projected to grow by 0.8% in 2023, followed by a growth rate of 2.6% in 2024. Qatar’s economy is expected to grow by 2.8% in 2023 and 2.5% in 2024. The Sultanate of Oman is predicted to have a growth rate of approximately 1.4% in 2023, which will increase to 2.7% in 2024. Lastly, Bahrain’s economy is expected to grow by 2.8% in 2023 and 3.3% in 2024.

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