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Monetary Fund: Gulf economy may grow by 3.3% in 2024

The International Monetary Fund expected the annual real GDP growth of the Gulf countries to grow by 2.9 per cent in 2023 and to 3.3 per cent in 2024.

During a conference to launch the Regional Economic Outlook report for the Middle East and Central Asia for May 2023, the Fund stated that the Gulf countries’ real “non-oil” GDP is expected to grow by 4.2 per cent in 2023 and 3.9 per cent in 2024.

The IMF expected that the current account balance in the Gulf countries would record 8.6 per cent this year and 6.5 per cent next year, while inflation rates are expected to drop to 2.9 per cent in 2023 and 2.3 per cent in 2024.

The Fund estimated the real GDP growth for the Middle East and North Africa at 3.1 per cent in 2023, to rise to 3.4 per cent in 2024, while real non-oil GDP growth in the Middle East and North Africa region is expected to grow by 3.6 per cent in 2023, and 3.7 per cent in 2024.

It revealed that the growth in the Middle East and North Africa, estimated at 5.3 per cent for 2022, was higher than the expectations issued, despite a series of unexpected global events, which reflects the substantial domestic demand amid the oil production recovery.

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