UAE GDP to grow 4.1% in 2023: World Bank official

UAE GDP to grow 4.1% in 2023: World Bank official

The UAE’s gross domestic product (GDP) is expected to grow by 4.1 per cent in 2023, a senior World Bank official said. The forecast is higher than the 3.9 per cent anticipated by the UAE Central Bank in its recent Quarterly Economic Review. Essam Abu Suleiman, World Bank Regional Director for the GCC, said in an interview to WAM: “Despite the difficult global economic conditions, our estimates suggest that the UAE economy will grow by about 4.1 per cent next year, benefiting greatly from the strong recovery of the non-oil economy.” According to him, a robust economic growth is expected to be supported by a rise in the UAE’s oil exports and a recovery in non-oil sector demand, as well as the country’s favourable business climate and well-developed infrastructure. Abu Suleiman said UAE’s revenues will also increase as oil income rises and non-oil sectors recover, resulting in a fiscal surplus of about 4.4 per cent of GDP in 2022. He also noted that the recent bilateral free-trade agreements the UAE has signed, along with the strength of oil exports, are expected to produce a current account surplus of 11.2 per cent of GDP. Earlier this month, the UAE Central Bank,