RIYADH: Saudi Arabia’s real GDP is expected to rise by 2.5 percent in 2024, owing primarily to strong non-oil business expansion of 4.8 percent.
In a similar way the Gulf Cooperation Council region’s GDP expansion is expected to rebound to 2.8% and 4.7% in 2024 and 2025, respectively, according to the World Bank’s Spring 2024 Gulf Economic Update.
With crude oil output quotas expected to be gradually revoked in the second half of 2024, the GCC’s oil GDP is expected to grow by 1.7 percent this year before increasing sharply in 2025 to 6.9 percent.
According to Safaa El-Tayeb El-Kogali, the World Bank’s country director for the Gulf Cooperation Council, regional efforts to shift economies away from oil fueled the growth.
“I have to point out here that really the efforts to reform the economy and diversify it in all the countries of the GCC are reflected in the robust growth of the non-oil economy, which is expected to be 3.5 percent in 2024 and 3.6 percent in 2025,” the president said.
However, she stated that the GCC region experienced an economic slowdown in 2023, growing at a 0.7 percent annual rate after a stellar growth of 7.6 percent in 2022.
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