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Published on 11/19/2024

World Bank Projects 3.4% GDP Growth for UAE in 2024, Driven by Economic Diversification

UAE Economic Outlook Remains Strong with Steady Growth Predicted for 2024-2025

The World Bank projects UAE GDP growth of 3.4% in 2024 reflecting optimism about the country’s economic outlook. Roberta Gatti, Chief Economist for the Middle East and North Africa (MENA), credited the UAE's successful diversification positioning it as a key regional hub for trade, business and travel.

The UAE is expected to maintain fiscal and monetary surpluses supporting its stable economic trajectory. Across the MENA region, growth is forecasted at 2.2% for 2024 up from 1.8% in 2023 but still below pre-pandemic levels.

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GCC economies are projected to grow by 1.9% in 2024 with a stronger 4.2% growth expected in 2025. Gatti also emphasized the potential economic boost of closing the gender employment gap in MENA which could increase GDP per capita by 51%.

The UAE's partnership with Abu Dhabi Global Market Academy highlights its commitment to fostering economic knowledge and sustainable development in the region.