The global economy is expected to grow at a reasonable but not particularly exciting pace again this year, supported by easier monetary policy, fiscal stimulus in key economies and the continued artificial intelligence (AI) boom, but important downside risks remain in a volatile and unpredictable global environment, according to ACCA’s latest Global Economic Outlook.
The UAE’s economy continues to achieve strong and accelerated growth and is expected to grow by more than 5% this year, with non-oil sectors projected to expand by over 5.5%, accounting for 78% of gross domestic product, said report citing a senior minister.
Bermuda, a British island territory in the North Atlantic Ocean, and the Kingdom of Bahrain discussed ways to deepen collaboration in multiple potential sectors. The duo highlighted key sectors where the two island economies could boost economic and financial ties.
Bahrain’s economy has grown five-fold over the past two decades, with the GDP rising from $9 billion to over $47 billion by the end of 2024, said a top government official, in a key achievement within the kingdom’s broader development journey.
The UAE’s tourism sector continued its strong upward trajectory in 2025, consolidating its position as one of the country’s most dynamic economic sectors, contributing AED257 billion ($70 billion) to GDP and setting new visitor records for the year, said a report.
The global GDP is projected to surge 2.8% in 2026, led by stronger momentum in the US and resilient exports from China, while the euro zone benefits from targeted fiscal support despite longer-term challenges, said Goldman Sachs Research in its new report.
The total Gross Domestic Product (GDP) of the GCC states at current prices rose 3 percent to $588.1 billion in the first quarter of 2025 from $570.9 billion a year earlier, data from the Statistical Centre for the Cooperation Council for the Arab States of the Gulf (GCC-Stat) showed on Monday.
The contribution of Saudi Arabia's private sector to the gross domestic product (GDP) has doubled in ten years, rising from SAR1.1 trillion ($293.31 billion) in 2016 to about SAR2.3 trillion ($613.28 billion) today, said Minister of Investment Khalid Al-Falih.
Bahrain continues to adopt a balanced approach that integrates environmental sustainability with economic development, said Dr Mohamed bin Mubarak Bin Daina, Minister of Oil and Environment and Special Envoy for Climate Affairs.
The Kingdom of Saudi Arabia stands to benefit from the ongoing shifts in global supply chains - from fair trade to a managed and rule-driven trade model - as it can play a vital role as a connector economy linking Africa with Europe and Asia, said its economy minister.
