The economic director for Europe, the Middle East and Africa at Bank of America, Jean Michel, expected that the non-oil GDP of the UAE would increase by 5% in 2023.
Michel said that the UAE’s non-oil GDP will benefit from the strong activity of the tourism and real estate sectors.
Bank of America’s expectations are in line with other international institutions and banks, as the International Monetary Fund expected the UAE’s non-oil economy to grow by 4% in 2023, while the World Bank expects it to grow by 4.7%.
The economic director for Europe, the Middle East and Africa at Bank of America indicated that the Emirate of Dubai recently launched its economic vision for the next decade, which includes ambitious growth goals, expecting that the emirate will achieve a financial surplus during the current year, supported by the path of the financial policies pursued. The “Dubai Economic Agenda D33”, which was launched in early January, includes 100 transformational projects, with ambitious economic goals that seek to double the size of Dubai’s economy during the next decade up to 2033, and consolidate its position among the three best economic cities around the world.