UAE economy to grow faster than global average in 2023: Al Marri

UAE economy to grow faster than global average in 2023: Al Marri

The year 2022 witnessed a significant economic upturn, with a growth rate of 7.6 per cent, the highest since 2007, primarily fuelled by surging oil, gas prices

Published: Tue 23 May 2023, 7:17 PM Last updated: Tue 23 May 2023, 7:59 PM

The UAE’s economic growth has exceeded expectations as the country joined the 7 per cent growth club, said Abdullah bin Touq Al Marri, UAE Minister of Economy.

The UAE’s economy expanded at 7.6 per cent last year, which was among the highest anywhere in the world, including a 6.6 per cent expansion in the non-oil sector.

“Our goal is to double the economy by 2031 in line with 2031 Vision. In 2023, IMF forecast economy will grow by 3.5 per cent, higher than the global average of 2.8 per cent,” Al Marri said during the inauguration of the Harvard Business School Club – The House.

According to GlobalData, a leading data and analytics company, the year 2022 witnessed a significant economic upturn, with a growth rate of 7.6 per cent, the highest since 2007, primarily fuelled by surging oil and gas prices.

“To make the economy less vulnerable to external shocks, it remains crucial for the government to persist in its endeavour to diversify