(MENAFN) The World Bank has revised its economic growth expectations for Saudi Arabia, projecting a higher growth rate of 5.9 percent for 2025, up from the previously forecasted 4.2 percent in January. However, the bank has adjusted its forecast for the Kingdom's GDP growth in 2024 downward to 2.5 percent from the earlier projection of 4.1 percent.
Simultaneously, the overall GDP growth forecast for Gulf Cooperation Council (GCC) countries in 2024 has been lowered to 2.8 percent, down from the previous estimate of 3.6 percent, while the forecast for 2025 has been revised upward to 4.7 percent from 3.8 percent.
The report also includes adjustments to the UAE's GDP growth forecast, expecting a growth rate of 3.9 percent in 2024, up from the previously projected 3.7 percent. Furthermore, the forecast for 2025 indicates a rise to 4.1 percent from 3.8 percent.
Kuwait's economy is anticipated to expand by 2.8 percent in 2024, with further growth expected to reach 3.1 percent in 2025. Similarly, Bahrain's economic growth forecasts have been adjusted upward, with expectations of 3.5 percent growth in 2024 and 3.3 percent in 2025.
Meanwhile, Qatar's economic forecast saw a downward revision for 2024 from 2.5 percent to 2.1 percent. However, the projection for 2025 was revised upward from 3.1 percent to 3.2 percent.
The latest economic projections for Oman indicate a marginal increase of 0.1 percent for both 2024 and 2025 compared to the January forecast. This adjustment reflects broader economic trends observed in the region, particularly the surge in oil prices following Russia's invasion of Ukraine in 2022.
The increase in oil prices has had a notable impact on oil-exporting economies across the Middle East and North Africa, including Oman.
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