UAE’s GDP forecast to grow by 6.2% in 2022 and 6.7% in 2023

UAE’s GDP forecast to grow by 6.2% in 2022 and 6.7% in 2023

Dubai: The UAE's economic recovery is on a firm footing and the Russia-Ukraine conflict has only limited impact on the local economy, according to ICAEW and Oxford Economics. A pick-up in growth momentum is expected in the coming months as expansionary government policy and higher oil prices drive forecasted GDP growth. “The UAE’s post-Covid economic prospects were already on a strong footing and will be further boosted by the recovery in both oil and non-oil revenue. The increase in government finances certainly bodes well for investment into the country’s Year of the 50th projects,” said Vanessa Heywood, ICAEW Head of Middle East. UAE’s GDP is forecast to grow by 6.2 per cent in 2022 and 6.7 per cent in 2023, driven primarily by a surging oil sector. Oil prices have risen above $100pb, for the first time since 2014, amid heavy western sanctions on Russian energy producers. While the Central Bank of UAE had forecast a 4.2 per cent groth in 2022 GDP, the Institute of International Finance had forecast 4.9 per cent growth late last year. The new forecast factors in the recent big surge in oil prices and increse in government revenues from corporte taxes. Given the UAE