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which contribute to strengthening the country’s ability to confront global economic
changes. They also contribute to consolidating its position as a leading destination for
business and investment,” he said.

Roberta Gatti, chief economist for Mena at The World Bank, is optimistic about 2025,
anticipating that the brakes on oil production will be taken off. “The governments in the

Mena region have to work on balancing the relationship between the public and private
sectors. That would be the first step to moving away from an informal economy.”

Gatti said the region is returning to its pre-pandemic trend of low growth, in the context
of a global economy that is decelerating for the third consecutive year. “Mena’s GDP is
forecast to rise to 2.7 per cent in 2024 from 1.9 per cent in 2023. This outlook is marked

by uncertainty, amidst the conflict in the region and rising levels of debt. In addition,
rising debt is heavily concentrated in oil-importing economies, which now have a debt-
to-GDP ratio 50 per cent higher than the global average of emerging market and
developing economies. Oil importers in Mena are borrowing against an uncertain
future,” added Gatti.

“For oil exporters, the challenge is one of economic and fiscal-revenue diversification.
This is because of the structural change in global oil markets and the rising demand for
renewable sources of energy,” he added.

Naima Al Falasi, senior vice president of portfolio strategy, Mubadala, said Generative

AI and AI are transforming all industries. “It has made an impact of $23.5 billion in the
GCC economy, that’s the benefit we will see in the region,” said Al Falasi.

Dr. Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda for
Sustainable Development and Executive Director, the International Monetary Fund, said
recent reports from the World Bank and IMF say there’s a lot to be desired when it

comes to economic recovery. “Our regional growth is lower than the global growth
numbers. While global growth has shown resilience, things are uneven. The gap
between the developed world and the rest has widened.”

https://www.khaleejtimes.com/business/economy/uae-aims-to-grow-economy-at-7-in-2024-says-
minister