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Oxford Economics expects Gulf economies to grow by 4.4% in 2025
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Economy News - Follow-up
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Added 09/18/2024 - 3:56 PM
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Saudi capital Riyadh
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Economy News - Follow-up
An economic report revealed that the Gulf Cooperation Council countries are preparing for a major recovery, as economic growth is expected to double to more than 4.4 percent during 2025.
The report, issued by Oxford Economics and the Institute of Chartered Accountants in the Middle East, on Wednesday, stated that economic growth in the Middle East is expected to reach about 2.1 percent in 2024, and to accelerate strongly to 3.7 percent in 2025.
The report confirmed the flexibility of non-energy sectors in the GCC countries, as they are expected to grow by 4.2 percent this year and by 4.4 percent in 2025.
The report indicated that the latest readings of the Purchasing Managers Index reveal strong local activity, and the expected interest rate cuts are expected to boost private consumption and investment, noting that these sectors, including tourism, trade and finance, have become critical growth drivers in the region’s economic diversification efforts.
“The GCC’s proactive and strategic investment in non-oil sectors, coupled with the gradual recovery in oil production, is paving the way for strong growth in 2025, with the GCC’s resilience clearly on display,” said Scott Livermore, ICAEW Economic Advisor, Chief Economist and Managing Director, Oxford Economics Middle East.
Hanadi Khalifa, Director of the Middle East Office of the Institute of Chartered Accountants in Dubai, said: “The report underscores the importance of resilience in dealing with global economic difficulties and regional geopolitical challenges, and we are confident that the business community in the Middle East will continue to demonstrate its ability to innovate and thrive amid these challenges.”
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