It recorded strong growth thanks to the strong recovery in "tourism", "construction" and activities related to "Expo".

"International Monetary": The UAE economy has overcome the "pandemic" with a strong recovery during 2022

  • The non-oil sector in the UAE was supported by the tourism boom and Expo 2020 Dubai.

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  • Jihad Azour: "The economic prospects of the UAE will remain positive in the future, with the support of local activity."

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Director of the Middle East and Central Asia Department at the International Monetary Fund, Jihad Azour, confirmed that the UAE economy has succeeded in overcoming the "Covid-19" pandemic, recording a strong recovery during the year 2022, expecting that the economic prospects for the UAE will remain positive in the future, supported by local activity.

Azour said, "The UAE economy recorded strong growth this year, thanks to the strong recovery in the tourism and construction sectors, activities related to (Expo 2020 Dubai), and increased oil production under the (OPEC +) agreement, while the recovery is expected to continue with the return of the economic cycle." .

local production

According to the latest review by the International Monetary Fund, the UAE's GDP growth rate is expected to rise to more than 6% in 2022, compared to 3.8% in 2021, while the UAE Central Bank raised its estimates of real GDP growth in the country to 7.6% in 2020. at the end of this year, compared to its previous estimates of 6.5%, as a result of the strong performance of some non-oil sectors, including: tourism and hospitality, real estate, transportation, and manufacturing.

non-oil activity

The official at the International Monetary Fund explained that "non-oil activity in the UAE benefited greatly from the lifting of precautionary measures and measures related to the (Covid-19) pandemic, in addition to the support that the sector received, as a result of the tourism boom, and the (Expo 2020 Dubai) exhibition."

He pointed out that the UAE has succeeded during the past years in developing high-quality infrastructure and strong economic sectors, in addition to its ability to attract human and investment energies, which contributed to mitigating the repercussions of the "Covid-19" pandemic, and returning to recovery quickly.

driving factors

The Director of the Middle East and Central Asia Department at the International Monetary Fund said, "The economies of the Middle East and Central Asia region have succeeded in continuing the economic recovery process this year, despite the global situation, due to the high inflation resulting from the increase in energy and food prices."

He stressed the importance of focusing on a number of main factors in advancing the process of sustainable economic and social development in the post-pandemic phase, including: combating unemployment, empowering youth and women in the economic fields, supporting the growth of small and medium enterprises, and the importance of accelerating digital transformation in the corporate sector in various countries of the region. to achieve a more stable and sustainable recovery.

He pointed out that oil-exporting countries will benefit from higher crude prices to improve and increase growth rates, while middle-income countries will face the challenges of high inflation and increased levels of interest.

Social safety nets

The Director of the Middle East and Central Asia Department at the International Monetary Fund, Jihad Azour, recommended that the countries of the region work to enhance flexibility and growth prospects, and initiate the implementation of a variety of structural reforms, including completing energy subsidy reforms, in conjunction with improving social safety nets that will be essential. To build resilience in facing future economic challenges.

Jihad Azour: "The economic prospects of the UAE will remain positive in the future, with the support of local activity."

• The UAE has succeeded in developing high-quality infrastructure and strong economic sectors, in addition to its ability to attract human and investment energies.

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