Report names Oman and UAE fastest growing economies in GCC

28 Jan 2019

bank notesA recently-released report by the Institute of International Finance (IIF) has revealed that Oman and the UAE are set to be the fastest growing economies in 2019.

According to the report, Oman’s real GDP is expected to reach 3.1% this year, while the UAE’s real GDP also grew 3.1% - recording an increase from the 2.9% estimated for 2018.

Bahrain’s real GDP is expected to grow by 2.4%, Saudi Arabia’s by 2%, and Kuwait’s by 0.4%.

However, IIF analysts predicted the UAE’s growth would slow to 2.7% in 2020, while expecting the country’s nominal GDP to grow from Dhs1.59 trillion in 2018 to Dhs1.63 trillion in 2020.

Back in November, the governor of the UAE Central Bank, Mubarak Rashed Al Mansoori, spoke of his expectations for the country’s GDP, forecasting a 4.2% growth in 2019 following stronger than expected growth in 2018.

“Things are starting to materialise, growth is there, liquidity is there, a lot of government initiatives are there. I think we are in good times,” he said at a conference in Abu Dhabi, Gulf Business reports.