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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia's gross domestic product is projected to achieve a 4.1 percent growth in 2024, driven by increased non-oil activities, as per the latest World Bank report.
The bank raised its 2024 economic growth expectations for the Kingdom by 0.8 percent, from the June 2023 forecast of 3.3 percent.
The World Bank’s latest report on global economic prospects noted that despite the extension of voluntary oil production cuts earlier this year, Saudi Arabia’s economy is poised for expansion, driven primarily by non-oil-related activities, aligning with the objectives of Vision 2030.
It also revised its 2025 projections for Saudi Arabia to 4.2 percent, reflecting a 1.7 percent increase from the June 2023 forecast.
Similarly, the bank’s Global Economic Prospects report forecasts an expected growth of 3.7 percent in the UAE’s real GDP for 2024, marking an increase from the previous year’s 3.4 percent, with a further uptick to 3.8 percent anticipated in 2025.
Concurrently, the Gulf Cooperation Council countries are anticipated to witness growth rates of 3.6 percent in 2024 and 3.8 percent in 2025, propelled by a resurgence in oil activity.
The Kuwaiti economy is slated to expand by 2.6 percent in 2024, followed by a subsequent increase to 2.7 percent in the following year. Conversely, Bahrain’s economy is forecasted to grow by 3.3 percent in 2024 and 3.2 percent in 2025.
In 2024, Qatar’s economy is poised for a 2.5 percent expansion, followed by an anticipated growth of 3.1 percent in the subsequent year. Similarly, Oman’s economy is expected to grow by 2.7 percent in 2024, with a further increase of 2.9 percent in 2025.
On the flip side, the Middle East and North Africa region experienced a notable slowdown in its growth rate, dropping to 1.9 percent in 2023. This downturn was attributed to challenges such as reduced oil production, heightened inflation, and subdued performance in the private sector of oil-importing nations.
However, there is an anticipation of growth rebounding, reaching 3.5 percent in both 2024 and 2025.
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