The UAE's real GDP is expected to sustain a growth rate of 4 percent in 2024, with a projected rise to 5.1 percent in 2025, according to the latest IMF World Economic Outlook (WEO) report.
The report was released today during the 2024 IMF/World Bank Group Annual Meetings.
In the broader Middle East and Central Asia, economies are anticipated to grow by 2.4 percent in 2024, followed by a 3.9 percent increase in 2025, signaling a steady recovery for the region.
Globally, economic growth is forecasted to remain moderate, with a projection of 3.2 percent for both 2024 and 2025. This is in line with previous forecasts made in July and April of this year. Advanced economies are expected to see modest growth of 1.8 percent in both years, while emerging markets and developing economies are projected to grow by 4.2 percent during the same period.
The WEO also highlighted a decline in global inflation, with headline inflation expected to decrease from 6.7 percent in 2023 to 5.8 percent in 2024, and further down to 4.3 percent in 2025.
The US economy is projected to expand by 2.8 percent in 2024 before slowing to 2.2 percent in 2025, while the Eurozone is expected to experience more subdued growth at 0.8 percent this year, improving to 1.2 percent next year.
The overall outlook suggests a cautious yet steady global economic recovery amid ongoing inflationary pressures.
News Source: Emirates News Agency
