UAE's GDP Expected to Rise by 4% This Year According to IMF

UAE's GDP Expected to Rise by 4% This Year According to IMF

By Staff Writer, 21 May 2024

The International Monetary Fund (IMF) announced on Monday that the United Arab Emirates (UAE) is experiencing robust economic growth, with the overall real GDP expected to increase by about 4% this year.

This revised projection surpasses the earlier estimate of 3.5% growth for 2024, as outlined in the IMF's Regional Economic Outlook report published in April.

In its latest Article IV end-of-mission statement, the IMF delegation highlighted that the UAE's economic expansion is widespread, driven by strong domestic activities in key sectors such as tourism, construction, and financial services.

The statement emphasized that the country's economic stability is further bolstered by foreign demand for real estate, increased bilateral and multilateral ties, and its status as a safe haven.

These factors contribute to rising housing prices and rents, alongside an abundance of domestic liquidity.

Additionally, the IMF noted that the UAE's economic growth would likely receive further support from higher hydrocarbon GDP growth this year, partly due to increased crude oil production stemming from the UAE's OPEC+ quota increase.

Source: Federico Maccioni / Reuters

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