The latest ICAEW Economic Insight report for the Middle East, prepared by Oxford Economics, said that the GCC region is poised for a significant rebound, with growth projected to more than double to 4.4 per cent in 2025.
The report highlighted that while economic growth in the Middle East is projected at 2.1 per cent in 2024, a significant acceleration to 3.7 per cent is expected in 2025.
The report emphasised the resilience of the GCC's non-energy sectors, which are expected to expand by 4.2 per cent this year and 4.4 per cent in 2025.
ICAEW Economic Advisor, and Chief Economist and Managing Director, Oxford Economics Middle East, Scott Livermore, said, "The GCC's proactive and strategic investment in non-oil sectors, alongside the gradual recovery of oil production, is paving the way for robust growth in 2025, where the resilience of the GCC stands out."
Head of Middle East of ICAEW, Hanadi Khalife, said, "The report underscores the importance of resilience in navigating global economic and regional geopolitical headwinds. We are confident that the Middle East's business community, supported by the expertise of the accountancy profession, will continue to demonstrate its ability to innovate and thrive amid these challenges."
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