The projected growth represents a slowdown compared to last year, when the country expanded by 6.3%. Prospects, however, remain positive, according to the IMF.
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IMF estimates point to a 4.8% GDP growth for the Arab country this year, above the global average. Resilience amid global uncertainty and diversification are key strengths of its economy.
An International Monetary Fund report highlights the Gulf Cooperation Council nations’ strategies to increase the digital sector’s share of GDP and make it dominant in government services.
The emirate reported a gross domestic product of USD 326 billion last year, heavily driven by the non-oil sector. The manufacturing sector was the largest contributor, followed by construction.
Estimates from the National Bank of Kuwait indicate expansion of the country’s non-oil GDP.
The International Monetary Fund praises the country’s economic policy management and economic resilience but warns about regional instabilities and climate challenges.
The Arab country’s GDP grew specially because non-oil activities. The manufacturing sector performed well, as did the financial and insurance sectors, professional, scientific and technical activities, transportation and storage, and information and communication.
The central bank bumped its 2024 economic growth forecast despite the historic floods in Brazil’s southernmost state of Rio Grande do Sul that caused a significant downturn.
The International Monetary Fund (IMF) said that notwithstanding the pickup in growth, continued efforts to address water scarcity and enhance governance are essential to bolster Morocco’s growth.
All sectors of the economy grew last year, particularly agriculture, which posted a 15.1% expansion from 2022.
GDP growth prospects were published on “World Economic Situation and Prospects 2024” report, which also forecasts challenges for the growth of Africa as a whole.
Projections by the International Monetary Fund also estimate a deficit for 2024 due to the slowdown in economic activity and increased public spending.
The IMF expects a GDP growth rate lower than in 2022 but still at a “strong” pace. Inflation is slowing down and international reserves are “comfortable.”
According to the Fund, the North African country is expected to close the year with 9.2% inflation, pressured mainly by food prices.
