The Middle East and North Africa (MENA) region is expected to grow at a moderate pace of 2.7% in 2024 and 4.2% in 2025, marking a return to the low growth rates that prevailed in the decade before the global pandemic. This comes as global economic growth is expected to slow for the third year in a row in 2024, with growth trends varying between advanced economies, emerging market economies, and developing economies.
The World Bank has revised and raised its forecast for real GDP growth in several countries within the MENA region. In the Gulf Cooperation Council (GCC) countries, the bank expects the economic growth rate to rise to 2.8% in 2024 and 4.7% in 2025. The UAE’s economy is expected to grow by 3.9% in 2024 compared to its forecast last January of 3.7%, while Saudi Arabia’s economy is expected to grow by 5.9% next year, and Kuwait by 3.1%.
In contrast, expectations were lower for Egypt, which is projected to grow by only
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