2024-02-14 07:50:04
Dr. Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund, stressed the strength of the economic performance of the United Arab Emirates over the past years, as well as its success in adequately confronting global challenges.
Azour said in statements to the Emirates News Agency, WAM, on the sidelines of the World Government Summit activities in Dubai: “The performance of the UAE economy was very good and achieved the best growth rates, compared to other economies in the region, with rates exceeding 4%.”
He added that the non-oil sector in the UAE achieved good performance and was a major support for the strong economic performance over the past years, pointing out that the country’s economic diversification strategy contributes greatly to raising the efficiency of the private sector.
Regarding the importance of the World Government Summit, Azour said: The International Monetary Fund is a strategic partner for the summit, as it holds the “Public Finance Forum in Arab Countries” annually, in cooperation with the Arab Monetary Fund, in the presence of Arab finance ministers and central bank governors, to discuss the financial and economic prospects in the region. .
He pointed out that the focus of the current session of the World Government Summit is on issues of climate finance, artificial intelligence, and international cooperation, in addition to the Fund’s launch of a set of studies within the summit’s activities.
Regarding his expectations for the economies of the Middle East region, Azour said: “The 2024 forecasts have been reconsidered and reduced by 0.5 percentage points due to geopolitical tensions and the temporary reduction in oil production in 2024.”
The International Monetary Fund expects the economies of the Middle East and Central Asia to grow by 2.9 percent in 2024, rising to 4.2 percent in 2025, while it raised its forecast for global economic growth to 3.1 percent in 2024 and 3.2 percent in 2025.
The Director of the Middle East and Central Asia Department at the International Monetary Fund stated that the performance of the region’s economies will differ in 2024, as growth is expected to be uneven, while non-oil growth is expected to remain strong, indicating that there are positive signs in light of expectations of a decline in global inflation rates in 2024.
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