UAE set for strong near-term growth after a robust 2022: IMF

UAE set for strong near-term growth after a robust 2022: IMF

Overall, GDP growth is projected to reach above six per cent in 2022, higher than the previous forecast, and recording a remarkable increase from a 3.8 per cent surge in 2021

The UAE's foreign trade for the first six months of this year exceeded Dh1 trillion, compared with Dh840 billion for the same period before the pandemic.

Published: Tue 22 Nov 2022, 5:05 PM Last updated: Tue 22 Nov 2022, 5:06 PM

The UAE’s economic growth has been robust in 2022, led by a strong rebound in tourism, construction, and activity related to the Dubai World Expo, as well as higher oil production in line with the Opec+ production agreements, the International Monetary Fund has said.

Overall, GDP growth is projected to reach above six per cent in 2022, higher than the previous forecast, and recording a remarkable increase from a 3.8 per cent surge in 2021, the IMF said after its team, led by Ali Al Eyd, held discussions with the UAE authorities for the 2022 Article IV Consultation from November 2 to 17, 2022.

Going forward, the near-term economic growth is forecast to be strong, underpinned by a rebound in domestic activity, while elevated oil prices support high surpluses in the fiscal and