UAE economy to grow faster than global average in 2023: Al Marri – News

The economy sees a marked upturn in 2022, with growth of 7.6%, the highest since 2007, mainly driven by soaring oil and gas prices

UAE Economy Minister Abdullah bin Touq Al Marri said the UAE’s economic growth exceeded expectations as the country joined the 7 percent growth club.

The UAE’s economy grew by 7.6 percent last year, one of the highest in the world, with the non-oil sector growing by 6.6 percent.

“Our goal is to double the economy by 2031 in line with Vision 2031. In 2023, the IMF forecasts the economy will grow by 3.5 percent, above the global average of 2.8 percent,” Al Marri said at the Harvard Business School Club – said at the inauguration of The House.

According to GlobalData, a leading data and analytics company, the economy will see a marked upturn in 2022, with growth of 7.6%, the highest since 2007, driven largely by surging oil and gas prices.

“In order to make the economy less vulnerable to external shocks, the government’s sustained efforts to diversify the economy remain crucial. Abu Dhabi plans to invest $2.7 billion to double the size of its manufacturing The UAE Circular Economy Policy 2031, which focuses on food, green infrastructure and sustainable transport, reflects the government’s transition to a more diversified economic base,” said Indrajit Banerjee, Economic Research Analyst at GlobalData.

Banerjee added that while the UAE’s economic growth outlook for 2023 is challenging, ongoing diversification efforts and development projects aimed at strengthening the economy will play an important role in reducing its vulnerability to external shocks.

Referring to the HBS think tank, he said, “The House embodies entrepreneurship and leadership at the heart of the UAE’s economic vision. It will be a thriving ecosystem where exceptional individuals can come together, connect and learn”