UAE continues to lead as regional hub for trade, business, travel: World Bank
Roberta Gatti Predicts UAE Economic Growth in 2024 and 2025
Roberta Gatti, the Chief Economist for the Middle East and North Africa (MENA) at the World Bank, shared her positive outlook on the UAE's economic future. Speaking at an event with the Abu Dhabi Global Market Academy, she emphasized the UAE's significant role as a hub for trade, business, and travel, thanks to its economic diversification and reduced oil dependency.
UAE's Economic Projections
Gatti projected that the UAE's GDP will grow by 3.4% in 2024, with fiscal and monetary surpluses expected to continue in the medium term. This growth is part of a broader trend in the MENA region, where average growth is anticipated to reach 2.2% in 2024, up from 1.8% last year.
Growth in the MENA Region
The growth in the MENA region is largely attributed to the performance of the Gulf Cooperation Council (GCC) economies, which are expected to grow by 1.9% in 2024, compared to 0.5% in 2023. This growth is supported by the expansion of the non-oil sector in most GCC economies. Gatti expects GCC growth to accelerate to 4.2% in 2025.
Importance of Women's Participation
Gatti also highlighted the crucial role of women's participation in the economy, stating that closing the gender employment gap could increase the region's GDP per capita by 51%.
Doubts Revealed
Roberta Gatti
Roberta Gatti is an economist who works for the World Bank. She focuses on the Middle East and North Africa region, helping to understand and predict economic trends.
UAE
UAE stands for the United Arab Emirates, a country in the Middle East known for its oil wealth and modern cities like Dubai and Abu Dhabi.
GDP
GDP stands for Gross Domestic Product. It is a measure of the total value of all goods and services produced in a country, showing how well the economy is doing.
MENA region
MENA stands for Middle East and North Africa. It is a region that includes countries like Saudi Arabia, Egypt, and Morocco.
Gulf Cooperation Council
The Gulf Cooperation Council is a group of countries in the Middle East, including Saudi Arabia, UAE, and others, that work together on economic and political issues.
Women's economic participation
This means women being involved in the workforce and contributing to the economy, which can help a country's economy grow stronger.
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