Economic Growth In GCC To Rebound To 2.8% In 2024, Says World Bank

Economic growth in the Gulf Cooperation Council (GCC) region is expected to rebound to 2.8% this year. The World Bank revealed this figure on Wednesday in its Spring 2024 Gulf Economic Update (GEU). The World Bank also predicted that the GCC's economic growth may rebound to 4.7% in 2025.

The report also noted that the encouraging regional prospects and rebound are not just due to the anticipated recovery in oil output but also build on the strong momentum of the non-oil economy. The GCC's dedication to diversifying its economies highlights how strategically the region is promoting resilience and sustainable growth amid a highly uncertain global economy. The GEU report also emphasizes the importance of education quality in promoting long term economic growth in GCC countries.

While Saudi Arabia's real GDP is expected to grow by 2.5% in 2024, the UAE's growth is projected to accelerate to 3.9%. At the same time, Bahrain's growth is estimated to pick up to 3.5% this year. According to the World Bank, Kuwait's economic growth is expected to recover to 2.8%, and the real GDP growth of Qatar is projected to strengthen marginally but remain modest at 2.1% in 2024.