Saudi’s economic rebound to propel GCC growth in 2024 and 2025

Saudi’s economic rebound to propel GCC growth in 2024 and 2025

Growth in the Gulf Cooperation Council (GCC) economies is forecast to increase in 2024 and 2025, propelled by a rebound in Saudi Arabia’s economy, the World Bank said in its latest Global Economic Prospects report. The combined GDP of the GCC countries is expected to rise to 3.6 percent in 2024 and 3.8 percent in […]Growth in the Gulf Cooperation Council (GCC) economies is forecast to increase in 2024 and 2025, propelled by a rebound in Saudi Arabia’s economy, the World Bank said in its latest Global Economic Prospects report.

The combined GDP of the GCC countries is expected to rise to 3.6 percent in 2024 and 3.8 percent in 2025.

Riyadh is anticipated to witness an economic expansion of 4.1 percent in 2024 and 4.2 percent in 2025, rebounding from a 0.5 percent contraction in 2023.

The growth is underpinned by the kingdom’s increase in oil output and exports despite an extension of voluntary oil production cuts into this year.

The UAE’s real GDP is estimated to increase by 3.4 percent in 2023, with projections of 3.7 percent in 2024 and 3.8 percent in 2025.

The Kuwaiti economy is set to grow by 2.6 percent this year and 2.7 percent next year. The Bahraini