A boat sails on a night ride at the Dubai marina with a view of the Gulf emirate's skyline in the United Arab Emirates on Dec 15, 2023. (PHOTO / AFP)

WASHINGTON - The World Bank expected the UAE's real gross domestic product to grow by 3.4 percent in 2023, rising to 3.7 percent in 2024 and to 3.8 percent in 2025.

According to the Global Economic Prospects report released on Tuesday, the World Bank forecast the growth in the Gulf Cooperation Council countries to rise to 3.6 percent in 2024 and 3.8 percent in 2025, noting to last year's robust non-oil sector activity.

The report showed that the growth rate in the Middle East and North Africa (MENA) region slowed down sharply to 1.9 percent in 2023, as the region faced multiple headwinds, including oil production cuts, elevated inflation, and weak private sector activity in oil-importing economies. 

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The report also expected the growth rate in the MENA region to pick up to 3.5 percent in 2024 and 2025.

Growth in oil importers also slowed somewhat last year, reflecting anemic private sector activity, according to the report, adding that growth is expected to edge up to 3.2 percent this year and 3.7 percent in 2025.

According to the report, the growth in Saudi Arabia is projected to grow by 4.1 percent this year, rising to 4.2 percent next year, while the Kuwaiti economy is expected to grow by 2.6 percent by the end of this year, rising to 2.7 percent next year. The Bahraini economy is predicted to grow by 3.3 percent in 2024 and 3.2 percent in 2025.

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The report also expected Qatar's economy to grow by 2.5 percent this year, rising to 3.1 percent next year, while the economy of Oman is estimated to grow by 2.7 percent in 2024 and 2.9 percent in 2025.