Private sector to propel Sharjah’s economic growth

Private sector to propel Sharjah’s economic growth

Global rating agency S&P has affirmed Sharjah’s rating at “BBB-/A-3” and maintained a stable outlook citing strong private-sector activity as a key driver of economic growth. The emirate, one of seven that makes up the UAE, is expected to average 2.8 percent growth between 2024 and 2027, supported by manufacturing, construction, transport, and trade sectors.  […]Global rating agency S&P has affirmed Sharjah’s rating at “BBB-/A-3” and maintained a stable outlook citing strong private-sector activity as a key driver of economic growth.

The emirate, one of seven that makes up the UAE, is expected to average 2.8 percent growth between 2024 and 2027, supported by manufacturing, construction, transport, and trade sectors. 

Sharjah’s economy grew by 4.6 percent last year thanks to the government’s capital expenditure and strong performance in the largest economic sectors such as wholesale and trade, manufacturing, construction and real estate, as well as transport.

However, the emirate’s economy is relatively diverse and not directly reliant on hydrocarbon exports. The GDP per capita, which remains moderate globally, is forecast to strengthen to $22,000 in 2024 from $19,000 in 2020.

Moreover, fiscal deficits are expected to narrow gradually over 2024-2027, owing to the government’s revenue-enhancing measures, the UAE-wide implementation of corporate tax, and favourable