Roberta Gatti, Chief Economist for the Middle East and North Africa (MENA) at the World Bank, has expressed optimism about the UAE’s economic trajectory, projecting a GDP growth of 3.4% in 2024.
Gatti highlighted the UAE’s success in economic diversification and its role as a regional hub for trade, business, and travel.
The UAE’s fiscal and monetary surpluses are expected to persist in the medium term, reinforcing its stable economic outlook. Gatti also underscored the broader growth trends across the MENA region, predicting an average growth rate of 2.2% for 2024, up from 1.8% in 2023 but still lagging behind pre-pandemic levels.
The Gulf Cooperation Council (GCC) economies, driven by non-oil sector expansion, are forecasted to grow by 1.9% in 2024, accelerating to 4.2% in 2025. Developing oil-exporting and oil-importing countries are also expected to see growth of 3.3% and 3.5%, respectively, by 2025.
Additionally, Gatti emphasized the transformative potential of closing the gender employment gap in the MENA region, which could boost GDP per capita by 51%. Her remarks highlighted the importance of inclusive economic strategies to sustain prosperity across the region.
The partnership with Abu Dhabi Global Market Academy underscores the UAE’s commitment to fostering economic knowledge and promoting sustainable development in the region.
News Source: Emirates News Agency
