30 C
Dubai
Saturday, November 23, 2024
spot_img

UAE economic outlook remains positive with 3.6% GDP growth in 2023

[ad_1]

The International Monetary Fund (IMF) said in a statement on Monday that the economic outlook remains positive due to strong domestic economic activity, with the UAE’s gross domestic product (GDP) projected to grow by 3.6% in 2023.

Non-hydrocarbon GDP is expected to grow by 3.8% due to continued tourism activity and higher capital spending.

However, the outlook is subject to significant global uncertainties, including weaker growth, tightening financial conditions and geopolitical developments. The implementation of the UAE’s intensified reform efforts poses an upside risk to growth over the medium term, the IMF said.

Inflation is rising in line with global trends, but may fall to 3.4% by 2023.

Fiscal and external surpluses are expected to remain high, and banks are generally well capitalized and liquid, thanks to higher oil prices, the IMF said. However, non-performing loans remain stubbornly high, albeit down from recent peaks, and real estate prices have risen sharply in some areas.

The IMF noted that progress on the Comprehensive Economic Partnership Agreement (CEPA) will boost trade and global value chain integration and attract foreign direct investment.

(Editing by Saipan Scalia seban.scaria@lseg.com)

[ad_2]

Source link

Related Articles

UAE Operation ‘Chivalrous Knight 3’: Over 121 Aid Shipments Delivered to Gaza Amid Humanitarian Efforts

UAE has reinforced its dedication to humanitarian relief through the ongoing effort known as Operation ‘Chivalrous Knight 3.’   This initiative has seen the UAE dispatch...

With an eye towards its IPO on Nasdaq and Euronext, AAD Invest Group finalizes a EUR 75 million funding agreement with Global Emerging Markets...

AAD Invest Group finalizes a EUR 75 million funding agreement with Global Emerging Markets (GEM) About AAD Invest Group – Nov 2024 Founded in January 2024...

UAE Strengthens Global Ties: President Welcomes Qatari Prime Minister, While Crown Prince Leads at G20 in Brazil

UAE is making significant strides in strengthening its international relations, with recent diplomatic activities highlighting the country's growing influence on the global stage. In a...

Abu Dhabi Crown Prince Leads Strategic Talks at G20: Strengthening UAE-Brazil Relations for a Prosperous Future

Abu Dhabi’s Crown Prince, H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, is currently in Brazil to participate in the G20 Summit, a...

From Seed to Superfoods The Inspiring Journey of Bharat Budhiraja and Urbana Superfoods

In a world teeming with fast-paced food trends, Bharat Budhiraja is charting a unique path with his brand, Urbana Superfoods, owned by Krish Perennials Pvt....

Latest Articles