In 2024, the Middle East and North Africa (MENA) region is expected to grow by 2.7%, marking a return to the low growth rates that prevailed in the decade before the global pandemic. This comes as global economic growth is expected to slow for the third year in a row, with growth trends varying between advanced economies, emerging market economies, and developing economies. The World Bank expects real GDP growth in the MENA region to grow by 2.7% in 2024 and 4.2% in 2025.
According to a report issued on Monday, the bank expects the actual real GDP growth for the Gulf Cooperation Council (GCC) countries to rise to 2.8% in 2024 and 4.7% in 2025. The World Bank revised and raised its forecast for real GDP growth in the UAE to 3.9% in 2024 compared to its forecast last January of 3.7%. And to 4.1% in 2025, from its previous forecast of 3.8%. He expected the Saudi economy to grow by 2.5% this year and