Benefiting from the strong recovery of the non-oil economy
The World Bank: The growth of the UAE economy will exceed 4% in 2023
Expectations that the UAE will achieve a fiscal surplus of 4.4% of GDP in 2022. Archive
Issam Abu Suleiman: “It is expected that the increase in the volume of oil exports and the recovery in demand for non-oil sectors will support strong economic growth.”
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The Regional Director for the Cooperation Council for the Arab States of the Gulf at the World Bank, Issam Abu Suleiman, expected that the growth of the UAE's gross domestic product (GDP) would exceed 4% next year.
Abu Suleiman said, "Despite the difficult global economic conditions, our estimates suggest that the UAE economy will grow by about 4.1% next year, benefiting greatly from the strong recovery of the non-oil economy."
He pointed out that the increase in the volume of oil exports in the UAE and the recovery of demand for non-oil sectors is expected to support strong economic growth, as well as the favorable business environment in the country and the developed infrastructure.
He explained that «a rise in oil revenues, in addition to the recovery of non-oil sectors, would enhance the financial revenues of the UAE, leading to a financial surplus of approximately 4.4% of GDP in 2022», noting that the bilateral free trade agreements signed by the UAE Finally, with Asian partners, and supported by the strength of oil exports, it is expected to result in a current account surplus of up to 11.2% of GDP in 2022.
Abu Suleiman pointed out that among the main factors behind the strong growth of the UAE economy is its leadership in the world with a successful vaccination program for the "Covid-19" virus, in addition to monetary and financial incentive packages, indicating that all these factors have led to the UAE's economy becoming one of the fastest economies. In reaching the pre-pandemic stage among the Gulf countries.
He added that «the UAE will host next year the United Nations Climate Conference (COP 28), and that the country is in a good position to host this huge event, especially as it has a proven and excellent record in hosting large international events, such as (Government Summit) and (Expo 2020 Dubai). ».
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