UAE’s economy to grow by 3.4% in 2023, World Bank says

The World Bank expects the UAE’s economy to grow by 3.4 percent this year, rising to 3.7 percent next year, in 2024.

“The current account balance in the UAE will increase to 12.4% in 2023 and 11.8% in 2024, and the UAE will achieve a surplus in the balance of public finances of 5.2% in 2023 and 4.6% in 2024,” the World Bank said.

The World Bank report estimated that the GCC economies will grow by 1% in 2023, rising to 3.6% next year.

“The economy of Saudi Arabia will grow by 4.1% in 2024, while the economy of Kuwait will grow by 0.8% in 2023, rising to 2.6% in 2024,” according to the World Bank.

According to the report, the Qatari economy is expected to grow by 2.8% in 2023 and by 2.5% in 2024, while the economy of the Sultanate of Oman will grow by 1.4% in 2023, rising to 2.7% in 2024, while the economy of Bahrain is estimated to grow by 2.8% in 2023, rising to 3.3% in 2024.

The World Bank report estimated that the economies of oil-importing countries will grow by 3.6% in 2023 and 3.4% in 2024, where the economy of the Arab Republic of Egypt is expected to grow by 4.2% by the end of this year, Tunisia by 1.2%, Jordan by 2.6%, and Morocco by 2.8%.