IMF revises upwards UAE growth, warns of setback to global recovery

IMF revises upwards UAE growth, warns of setback to global recovery

The UAE's economy grew 2.3 per cent in 2021, and forecast growth to accelerate to 4.2 per cent in 2022 — up from its previous forecast of 3.5 per cent, says IMF

A woman walks past the International Monetary Fund (IMF) headquarters building in Washington. The latest IMF projection aligns with the forecast made by the Central Bank of the UAE for 2022. — AFP file photo

Published: Mon 18 Apr 2022, 7:58 PM

The International Monetary Fund (IMF) on Monday revised upward the economic growth outlook for the UAE in 2022 and warned that damage from Russia’s invasion of Ukraine will set back global recovery and contribute to a significant slowdown in worldwide growth this year.

The IMF now estimates that the UAE's economy grew 2.3 per cent in 2021, and forecast growth to accelerate to 4.2 per cent in 2022 -- up from its previous forecast of 3.5 per cent. The latest IMF projection aligns with the forecast made by the Central Bank of the UAE for 2022. In 2023, the UAE is projected to grow 3.8 per cent, the latest data released by IMF’s World Economic Outlook shows.

Globally, revising downward the growth outlook, the IMF said growth is now projected to