Riyadh - Sharikat Mubasher: The World Bank (WB) raised its forecasts for Saudi Arabia’s gross domestic product (GDP) growth to 5.9% in 2025 from 4.2%, according to the WB's recent report.
In its report, titled Conflict and Debt in the Middle East and North Africa, the World Bank lowered its 2024 expectations for the Kingdom’s GDP to 2.5% from 4.1%.
The overall GDP growth forecasts for the GCC countries in 2024 declined to 2.8% from 3.6%, while the 2025 expectations jumped to 4.7% from 3.8%.
Furthermore, the WB revised the UAE’s 2024 GDP growth forecast to 3.9% from 3.7%, with an increase to 4.1% in 2025 from 3.8%.
Overall, the MENA region is anticipated to achieve a growth rate of 2.4% in 2024, which aligns with pre-COVID levels but still trails the global average.
