[ad_1]
The UAE’s economy will grow faster than any other country in the North Africa and Middle East (MENA) region next year, according to research by Dubai Investments.
For the latest headlines, follow our Google News channel online or via the app.
“We expect many of the world’s major economies to enter recession within the next 12 months… [but] The UAE economy will grow faster than the average growth rate of other countries in the MENA region,” Robert Miles, an analyst at Dubai Investment Fund (DIF), told Arabic English.
According to DIF research, if “the current strong momentum of the UAE economy continues”, GDP growth, which measures the rate of economic growth, will reach 4.3% in 2023, 4.9% in 2024 and 5.7% in 2025. .
Despite the global cost of living crisis – driven largely by the Russian-Ukrainian war – Income levels in the UAE are rising due to rising wages and employment wages, Michael Bolliger, chief investment officer for emerging markets at UBS Global Wealth Management, said in early August.
He added at the time that this has helped support local demand, thus strengthening the country’s wholesale, retail and real estate sectors.
Saudi Arabia’s economy will also perform well in 2022, according to the International Monetary Fund (IMF).
The UAE’s neighbour is likely to have one of the fastest growing economies in the world this year, The International Monetary Fund (IMF) said in August, thanks to its pro-business reforms and recovery from the pandemic-induced recession.
Gross domestic product (GDP) — a measure of the state of the economy — is expected to reach 7.6 percent in 2022, the fastest rate the country has seen in nearly a decade, according to a report by the monetary agency, the IMF said. growth of.
read more:
Dubai luxury homes ‘in short supply’, Russia’s demand for high-end real estate
[ad_2]
Source link