UAE economic outlook is ‘positive’, supported by strong domestic activity, IMF says – The National

UAE economic outlook is ‘positive’, supported by strong domestic activity, IMF says – The National

The UAE's economic outlook is positive and is supported by strong domestic activity after it expanded at its fastest pace in more than a decade last year, the International Monetary Fund has said.

“UAE economic growth strengthened in 2022, benefitting from a rapid and effective Covid response, supportive fiscal measures and the benefits of earlier social and business-friendly reforms,” the Washington-based lender said on Monday at the conclusion of a consultation with Emirati officials.

On Sunday, the UAE's Federal Competitiveness and Statistics Centre said the economy grew by 7.9 per cent last year, after expanding by 3.9 per cent in 2021, supported by its non-oil sector, as the country continues with its diversification strategy.