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The UAE is projected to see GDP growth of 3.3% in 2024 and 4.1% in 2025, driven by a robust non-oil sector, according to the World Bank’s latest MENA Economic Update released today.

OPEC has revised its 2024 global oil demand growth forecast down by 106,000 barrels per day, citing weaker-than-expected demand in non-OECD regions, impacting overall oil demand.

South Korea’s ICT exports surged for the 11th month, reaching $22.4 billion in September, driven by semiconductor sales and strong demand for AI technology. ICT trade surplus hit $9.88 billion.

The IMF has reduced member borrowing costs by 36%, cutting annual surcharges by $1.2 billion. Five countries, including Argentina and Egypt, will benefit from the new policy starting November 1.

Vietnam’s food and beverage sector is expected to reach $29.8 billion in revenue by 2024, with a 10.92% growth, driven by increasing consumer confidence and rising demand for sustainable products.

The EU imported €478 billion in high-tech products in 2023, with China and the US leading the list of suppliers. Exports grew by 3 percent, reaching €461 billion.

The US economy added 254,000 jobs in September, beating projections of 140,000. The unemployment rate dipped to 4.1%, showing continued strength in the labor market.

The UAE’s insurance sector recorded AED 2.5 billion in profits for 2023, driven by higher investment income, and witnessed a sharp rise in written policies, according to the Central Bank of the UAE.

The EU imported 2.7 million tonnes of coffee from non-EU countries in 2023, valued at €10.6 billion, with Brazil and Vietnam supplying 58% of total imports, according to Eurostat.

Russia remains a major energy player despite global challenges, with over 90% of its energy exports going to friendly countries, Putin declared at the Russian Energy Week forum.