UAE on robust growth track: Arab Monetary Fund

UAE on robust growth track: Arab Monetary Fund

Driven by higher oil prices and improved business confidence, the UAE's economic growth is on track to remain robust, averaging 4.6 per cent from 2022 to 2024, the Arab Monetary Fund (AMF) has said.

In 2023, the AMF's "Arab Economic Outlook Report" forecasts a 4.2 per cent growth rate, accompanied by a decline in the consumer price index to 2.9 per cent in 2023 and 2.57 per cent in 2024.

The report projected a 3.4 per cent growth for Arab economies on the back of stable oil and gas prices and lower prices for basic goods, such as agricultural products, accompanied by tighter monetary policies to curb inflation.

The International Monetary Fund (IMF) has projected that the UAE economy will expand at a faster pace next year and lowered the global growth outlook slightly amidst uncertainty in global financial system. It projected that the UAE GDP will expand at 3.9 per cent as compared to 3.5 per cent this year, while the World Bank projected the GCC's second-biggest economy to grow at 3.3 per cent in 2023, down from 4.1 per cent forecast in October. The UAE's non-oil sector is poised to achieve stronger growth of 4.8 per cent, driven by robust domestic