UAE economy likely to grow 5.1% this year, forecasts IMF

UAE economy likely to grow 5.1% this year, forecasts IMF

The International Monetary (IMF) has revised the UAE’s economic growth forecast upward for 2022 and 2023 in the latest report. According to the IMF’s World Economic Outlook report released on Wednesday, the UAE’s gross domestic product (GDP) is projected to grow 5.1 per cent this year as compared to its previous forecast of 4.2 per cent. It would be the highest growth in the past seven years. The International Monetary Fund projects Middle East and North African GDP will grow by 5% this year, up from 4.1% in 2021, before slowing to 3.6% in 2023 as global conditions worsen, a senior official said on Thursday. Inflation in Mena was projected to average 14.2% in 2022 and to remain high next year, driven by food and energy prices. GDP growth among the oil exporting nations that benefit from expensive oil will outperform, the official said. The region had resisted a “confluence of shocks” such as volatile commodity markets, a global slowdown and a tightening of global financial conditions, Jihad Azour, Director for the Middle East and Central Asia department at the IMF, told a news conference. But he said the “multispeed recovery” of 2022 will slow as “the worsening of global