Reuters predicted that the Saudi economy will achieve growth of 3 percent in 2024, while the average growth in the Gulf economies may reach 3.5 percent this year, which is much higher than the growth rate recorded during 2023 of 0.8 percent.
According to Reuters, non-oil sector growth will remain relatively strong, with a potential to record an average of 3.6 percent across the GCC countries in 2024, supported by continued investment as Gulf countries move forward with economic diversification programs.
Reuters expects the UAE's economy to grow by 3.8 percent this year, while growth in Qatar is expected to expand by about 2.4 percent in 2024. While budget surpluses in the UAE, Qatar, and Oman will shrink this year compared to 2023, while Kuwait's fiscal deficit is expected to widen this year, and Saudi Arabia and Bahrain will shrink marginally.
Source (Al-Rai Kuwaiti Newspaper, Edited)
