Tuesday, April 11, 2023 – 10:54 PM
ABU DHABI, April 11 / WAM / The International Monetary Fund expects real GDP growth for the United Arab Emirates by 3.5 percent in 2023, rising to 3.9 percent in 2024.
The International Monetary Fund’s forecasts for the national economy come two days after the World Bank estimates that the UAE’s real GDP will grow by 3.6% in 2023 and 3.4% in 2024.
In the World Economic Outlook report issued today on the sidelines of the spring meetings held in the US capital, Washington, the International Monetary Fund estimated that consumer prices in the country would decline to 3.4% in 2023, to continue to decline to 2% in 2024.
The International Monetary Fund report indicated that the current accounts in the UAE are expected to constitute about 7.1 percent of GDP in 2023, and 7 percent in 2024.
The report expected the economies of the Middle East and Central Asia to grow by 2.9 percent in 2023, rising to 3.5 percent in 2024, while emerging market and middle-income economies are expected to grow by 3.9 percent in 2023 and 4 percent in 2024.
According to the report, Saudi Arabia’s economy is expected to grow by 3.1 percent in 2023 and 2024, while Qatar’s economy is estimated to grow by 2.4 percent in 2023 and 1.8 percent in 2024.
The report indicated that the expected growth of the Kuwaiti economy is estimated at 0.9 percent in 2023 and 2.7 percent in 2024, while the Sultanate of Oman’s economy is expected to grow by about 1.7 percent in 2023 and 5.2 percent in 2024.
The International Monetary Fund report estimated the expected growth of low-income developing countries at 4.7 percent by the end of this year, to rise to 5.4 percent next year.
Reda Abdel Nour / Ramy Samih