World Bank expects UAE’s non-oil economy to grow by 4.8% in 2023

World Bank expects UAE’s non-oil economy to grow by 4.8% in 2023

Current account balance in the UAE is expected to rise to 11.7%

The World Bank has projected that the real GDP of the UAE will grow by 2.8 per cent in 2023. — KT file

By WAM Published: Wed 17 May 2023, 3:47 PM

The World Bank has projected that the real GDP of the UAE will grow by 2.8 per cent in 2023, as the non-oil sector is expected to achieve strong growth of 4.8 per cent , driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors.

In a press conference held onWednesday in Dubai to announce the new World Bank Gulf Economic Update (GEU) titled, The Health and Economic Burden of Non-Communicable Diseases in the GCC, the bank officials said that the current account balance in the UAE is expected to rise to 11.7 per cent in 2023. The report expected the UAE to achieve a surplus in public finances of 6.2 per cent in 2023.

The economies of the Gulf Cooperation Council (GCC) are projected to grow to grow by 2.5 per cent in 2023 and 3.2 per cent in 2024. The region had a remarkable GDP growth of 7.3 per cent in 2022, which was