UAE On Track For Faster Growth

UAE On Track For Faster Growth

The Emirates' economy is on track to achieve robust growth averaging 4.6% until 2024

The Arab Monetary Fund forecasts a growth of 4.2 per cent for the UAE in 2023, accompanied by a decline in the consumer price index to 2.9 per cent in 2023 and 2.57 per cent in 2024.

Published: Fri 28 Jul 2023, 1:02 PM Last updated: Fri 28 Jul 2023, 1:03 PM

The UAE, one of the fastest-growing economies in 2022, is on track to demonstrate continued robust growth averaging 4.6 per cent until 2024 driven by increased oil price revenues, higher tourist arrivals, booming real estate transactions, and improved business confidence.

The International Monetary Fund (IMF) has projected that the Emirates’ economy would expand at a faster pace next year as it lowered the global growth outlook slightly amidst uncertainty in the financial system. The IMF has projected that the country’s GDP would expand at 3.9 per cent in 2024 as compared to 3.6 per cent this year regardless of geopolitical headwinds and uncertain global recovery prospects. The IMF’s executive board has said the UAE’s economic outlook remained positive, supported by strong domestic activity and enhanced business confidence

Analysts said the impressive progress the UAE has shown in implementing comprehensive