Tuesday, April 16, 2024

The World Bank expects the UAE’s non-oil economy to grow by 4.8% in 2023.


The World Bank expects the UAE’s real GDP to be 2.8% at the end of this year, as the non-oil sector is expected to achieve strong growth of 4.8% due to the strength of domestic demand, particularly in sectors such as tourism, real estate, construction, 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 GCC Countries”, the Bank said the current account balance in the UAE is expected to rise to 11.7% in 2023. The report also predicts that the UAE will achieve a 6.2% surplus in public finances by 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.

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Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

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