Tuesday, June 18, 2024

Emirates News Agency – World Bank expects UAE’s non-oil economy to grow 4.8% in 2023

Date:

DUBAI, 17th May / WAM / The World Bank expects the UAE’s real GDP to rise to 2.8% by the end of current year 2023, as the non-oil sector is expected to achieve robust growth of 4.8% due to strength. Domestic demand, particularly in the tourism, real estate and construction sectors, transport and manufacturing industries.

At a press conference in Dubai today to announce a report on economic developments in the Gulf region, titled “The Health and Economic Burden of Noncommunicable Diseases in the GCC Countries”, the current account balance in the UAE. Expected to rise to 11.7% in 2023, the report expects the UAE to achieve a 6.2% surplus in public finances in 2023.

According to the report, the economy of the Gulf Cooperation Council countries is expected to grow by 2.5% in 2023 and 3.2% in 2024, after significant growth in the region’s GDP, which was 7.3% in 2022. In oil production.

The Gulf Cooperation Council’s report estimates strong growth in non-oil economies, expected to reach 4.6% in 2023, driven by private consumption, sustainable investments and easing fiscal policies in response to relatively high oil revenues.

A World Bank report indicated that improvements in the business environment and competitiveness and general improvements in the participation of women in the workforce in GCC countries have helped achieve the desired returns.

A World Bank report expects Saudi Arabia’s economy to grow by 2.2% in 2023, while non-oil sectors are expected to see growth rates of 4.7% in the same year.

The report estimates the expected economic growth in Kuwait to be 1.3% in 2023, while the non-oil sectors in Kuwait are expected to grow by 4.4% in 2023 driven by private consumption, while the report estimates real GDP growth in Qatar. Around 3.3% in 2023, while strong growth is expected this year in non-hydrocarbon sectors, reaching 4.3% through private and public consumption.

See also  ADNOC is improving contract drilling operations worth 7.1 billion dirhams

The World Bank reports that Bahrain’s expected economic growth rate will be 2.7% in 2023 and average 3.2% in 2024-2025, with the non-hydrocarbon sector continuing to expand by 3.5% with continued fiscal adjustment. Infrastructure projects continue with recovery in the tourism and service sectors.

While the overall growth rate is expected to be 1.5% in 2023, he expects the Omani economy to continue to grow by accelerating the implementation of structural reforms within the framework of Vision 2040. To continue the recovery path by achieving economic growth rates of 3.1% growth in 2023, and this will be supported by accelerating resources for infrastructure projects, increasing industrial capacities from renewable energy sources and tourism.

A new edition of the World Bank report focuses on noncommunicable diseases in the region, particularly as they account for nearly 75% of all deaths and disabilities, more than 80% of which are caused by just four major categories. Non-Communicable Diseases: Vascular, diabetes, cancer and respiratory diseases.

A recent study published in the Journal of Medical Economics, a joint effort between experts from the World Bank and key stakeholders across the GCC, estimated direct medical costs for seven major non-communicable diseases at $16.7 billion in 2019.

Many GCC countries have already taken strong measures, including taxing tobacco products, smoke and sugary drinks, limiting or banning advertising, promoting or sponsoring tobacco and smoking products, and reducing the amount of salt in foods, the report said. Countries also have important environmental goals.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:

Popular

More like this
Related

The easiest way to access the best UAE stocks

The most common way to invest in the UAE...

The Rising Demand for Model Ships in Dubai

Dubai, known for its stunning architecture and vibrant economy,...

Exhibition Stand Builders in Dubai

Dubai, a global hub for trade and commerce, is...

Unlocking the Power of Booking Engines in the Hospitality Industry

In an era dominated by technology, the hospitality industry...