Saudi Arabia’s 2024 economic growth forecast cut
Saudi Arabia’s economy will grow at a slower pace this year than previously predicted as oil prices drop from recent peaks, according to a Reuters poll which also showed the United Arab Emirates (UAE) expanding at the fastest clip in the region.
After growing 8.7 percent in 2022, Saudi Arabia’s economy – the Gulf Cooperation Council’s (GCC) largest – contracted 0.9 percent last year as crude oil prices dropped from a March 2022 peak of $139 per barrel to average around $82 in 2023.
With oil prices not expected to rise significantly this year economists now predict weaker growth for Saudi Arabia’s oil-dependent economy.
The April 3-19 poll forecast the economy would expand 1.9 percent in 2024, a downgrade from 3.0 percent in a January poll.
“The slower expansion in the Saudi economy this year will be down to ongoing oil production curbs … due to be maintained through Q2 at least. When looking at the non-oil sector, we hold a more bullish outlook,” said Daniel Richards, MENA economist at Emirates NBD.
Envoy highlights incumbent govt’s commitment
Ambassador of Pakistan to the United Arab Emirates Faisal Niaz Tirmizi said that the incumbent Pakistan’s government was committed to pursue a progressive agenda aimed at making tangible progress towards achieving economic stability and Sustainable Development Goals. The ambassador, addressing the Pakistan Day Reception held by the embassy in Abu Dhabi to commemorate the National Day of Pakistan, recalled the significance of Pakistan resolution and highlighted arduous struggle in tackling the growing needs of a nascent state, and later towards achieving socio-economic development.
Oman’s economy impacted by oil sector
The gross domestic product of Oman reached OMR 41.8 billion (USD 108.6 billion) in 2023, a 2.8 percent slip from OMR 43 billion (USD 111.7 billion) in 2022. According to the Arab country’s National Center for Statistics and Information, the decrease was mainly due the drop of oil sector, which saw an 11.9 percent reduction to OMR 14.9 billion (USD 38.7 billion) at the end of the fourth quarter of 2023 compared to OMR 16.9 billion (USD 43.9 billion).
Crude oil activities declined by 14 percent, while natural gas activities increased by 2.4 percent to reach OMR 2.2 billion (USD 5.7 billion).
UAE’s travel and tourism sector anticipated to contribute $64.25 billion to GDP
According to the report, the number of jobs in the sector will increase by over 23,500, reaching nearly 833,000
The travel and tourism sector in the UAE is projected to maintain its rapid growth in 2024. The sector’s contribution to the country’s GDP is expected to exceed in 2024 AED236 billion ($64.25 billion), compared to AED220 billion ($59.9 billion) last year, according to a new report.
The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) revealed that the number of jobs in the sector will increase by over 23,500, reaching nearly 833,000. International visitor spending is forecasted to grow by nearly 10 percent, reaching AED192 billion, while domestic visitor spending is expected to increase by 4.3 percent to reach almost AED58 billion.
UAE economy to grow by 5pc in 2024
The UAE’s economy is projected to grow by 5 percent in 2024, a leading member of the government has reiterated.
In an interview with Emirates News Agency, also known as WAM, Minister of the Economy Abdulla bin Touq Al-Marri said that more than 73 percent of the national economy is now non-oil, a historic first for the country.
His projection is in line with recent assessments by the Ministry of Finance and S&P Global, which forecast growth of 5.7 percent and 5 percent, respectively.
Qatar-Bangladesh relations
Bilateral relations between the State of Qatar and the People’s Republic of Bangladesh are progressing at a firm and steady pace toward broad horizons of cooperation and fruitful partnerships.
The two countries, which have established diplomatic relations since the 1970s, are linked by deep and rooted fraternal ties, nourished by common history, culture, religion, and values.
Relations between the two countries have witnessed remarkable development in recent years through mutual visits at various levels, and have also witnessed fruitful cooperation in all fields, which reflects the keenness of the leadership of the two countries to develop these relations and advance them into strategic partnerships and further progress and prosperity.
Bahrain’s economy shows resilience with 2.4pc growth
Bahrain’s economy registered an annual increase of 2.4 percent in 2023 to hit 13.66 billion dinars ($36.24 billion), driven by financial project expansions, official data showed.
According to figures from the Information and eGovernment Authority, national account estimates indicate that these developments contributed 17.8 percent to the real gross domestic product, making them one of the largest non-oil sectors, followed by the manufacturing industry at 13.6 percent.
The rise reflects Bahrain’s diversification efforts, aligning with the country’s Economic Vision 2030, a comprehensive development plan aimed at transforming the economy.
The report also revealed that the sectors with the highest non-oil growth were the hotels and restaurants sector, with a growth rate of 8 percent. This was followed by government services with a growth rate of 6 percent, and financial projects with a rate of 5.7 percent at constant prices.
While comparing the estimates of the fourth quarter of 2023 with the corresponding quarter of 2022, positive growth in GDP is evident, estimated at 3.45 percent and 3.36 percent at constant and current prices, respectively.
The non-oil sector recorded a growth of 4.03 percent at constant prices and 3.89 percent at current prices.