The World Bank expected the UAE's GDP to grow by 2.6% this year, and it is likely that growth will rise in the next two years to 3% annually.
The World Bank estimates the growth of Emirati GDP in the past year, at about 1.8 percent, which exceeds the average growth for the oil-exporting countries in the region, which is expected to reach 2 percent this year and rise to 2.3 percent during the next two years.
In parallel, the World Bank expected that the GDP of the Gulf Cooperation Council countries will grow by about 2.2 percent this year, and that the growth will rise to 2.6 and 2.7 percent during the next two years, respectively.
As for the countries of the Middle East and North Africa region, the report showed that economic growth in these countries declined to 0.1 percent at the end of 2019, which was attributed mostly to the sharp decline in the pace of growth in Iran following the tightening of US sanctions, in addition to the geopolitical tensions in Hormuz Canal and the diplomatic setbacks.
Source (Al-Khaleej Newspaper – UAE, Edited)
