UAE In-Focus: Inflation to drop; economic outlook remains strong, says minister

UAE In-Focus: Inflation to drop; economic outlook remains strong, says minister

RIYADH: Inflation in the UAE is forecasted to fall to 3.2 percent by the end of 2023, down from 4.8 percent last year, on price stabilization and the receding impacts of imported inflation globally, according to the minister for financial affairs.

Mohamed Hadi Al Hussaini said in a meeting held on the sidelines of the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund that the UAE’s economic forecasts remain positive, with a growth of 3.9 percent projected by the end of this year.

Al Hussaini also noted that many countries in the region remain vulnerable to elevated global uncertainties, while rents and salaries are likely to contribute to this trend locally.

This is highlighted in the IMF Background Note, underpinning the need for regional collaboration efforts and collaboration with the Fund.

Dubai witnessed a record of 7 million customs transactions in the first quarter of this year as the emirate aims to double its economy over the next decade and establish its position as one of the world's top three economic cities, as part of Dubai Economic Agenda D33.

Dubai Customs has stepped up its efforts to prevent counterfeit goods and safeguard intellectual property rights. The government department processed 112