India Observers

 The World Bank’s latest MENA Economic Update offers an optimistic outlook for the UAE, projecting GDP growth of 3.3% in 2024 and 4.1% in 2025, largely driven by the non-oil sector. This diversification aligns with the UAE’s long-term vision of reducing its reliance on oil and positioning itself as a key global economic player. With real GDP per capita expected to grow at a steady pace, the UAE is clearly set to lead the region’s economic transformation. However, the report also notes a decline in the UAE’s current account surplus, reflecting the complex balance between rapid growth and global economic challenges. The forecasted fiscal surpluses, though slightly lower in 2025, signal fiscal stability. In contrast, other MENA countries face slower growth, particularly oil importers, highlighting the widening economic disparity within the region. While the UAE continues to enjoy robust growth, bolstered by its diversification efforts, the broader MENA region may struggle to replicate...

 Union Finance Minister Nirmala Sitharaman previewed the Economic Survey 2023-24 before the Lok Sabha today, offering insights into India's economic outlook. The survey forecasts a real Gross Domestic Product (GDP) growth rate of 6.5% to 7% for the fiscal year 2024-25.  This projection aligns closely with the growth estimates provided by the International Monetary Fund (IMF). The survey, released ahead of the Indian Union Budget, highlights a balanced risk outlook, acknowledging that market expectations may be on the higher side. Sitharaman’s presentation emphasizes the survey’s conservative growth estimate, aiming to provide a realistic assessment of India’s economic performance while considering potential uncertainties. This preview sets the stage for the upcoming budget, shaping expectations and policy discussions. Read more:  https://indiaobservers.com/economic-survey-2024-updates/