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

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

Local News, Uncategorized















DUBAI / WAM

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

In a press conference held on Wednesday 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 percent in 2023, as well. The report expected the UAE to achieve a surplus in public finances of 6.2 percent in 2023.

The economies of the Gulf Cooperation Council (GCC) are projected to grow to grow by 2.5 percent in 2023 and 3.2 percent in 2024.

The region had a remarkable GDP growth of 7.3 percent in 2022, which was fuelled by a strong increase in oil production for most of that year.

This issue of the GEU focusses on how non-communicable diseases (NCDs) have become the leading cause