UAE eyes 5.9% growth as GCC economy looks set to hit $2t in 2022: World Bank

UAE eyes 5.9% growth as GCC economy looks set to hit $2t in 2022: World Bank

The economies of the GCC, on the other hand, according to the World Bank, are projected to expand by 6.9 per cent in 2022 before moderating to 3.7 per cent and 2.4 per cent in 2023 and 2024, respectively

The International Monetary Fund’s recently revised World Economic Outlook report projects the UAE’s GDP to grow 5.1 per cent this year as compared to its previous forecast of 4.2 per cent. — Reuters

Published: Wed 2 Nov 2022, 5:07 PM

Higher oil export volumes coupled with a revival in non-oil demand will support the UAE’s strong economic growth as the combined gross domestic product (GDP) of the GCC looks set to hit $2 trillion in 2022, the World Bank said.

Real GDP of the UAE, further underpinned by a favourable business environment and world-class infrastructure, is expected to grow by 5.9 per cent in 2022 before moderating to 4.1 per cent in 2023 as slower global demand dampens growth due to tightening financial conditions, according to the new Gulf Economic Update (GEU) from the Washington-based bank.

The International Monetary Fund’s recently revised World Economic Outlook report projects the UAE’s GDP to grow 5.1 per cent this year as compared to its previous forecast of 4.2 per