The World Bank and the Monetary Fund expect an increase of 4.1 and 4.2%, respectively

International institutions and banks: The UAE economy will grow in 2023, despite global challenges

Over the past years, the UAE has succeeded in developing high-quality infrastructure and strong economic sectors.


The UAE enters the year 2023, under the leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, with new horizons and positive expectations for the growth of the national economy thanks to the stable investment, economic and political environment capable of continuing growth and prosperity, despite the difficult conditions in the global economy.

These positive prospects for the growth of the national economy confirmed the expectations of international institutions and banks that the national economy will grow during the new year despite the global economic challenges, as the World Bank and the International Monetary Fund expect the UAE economy to grow by 4.1 and 4.2%, respectively, during 2023.

The growth of the national economy, which is expected to be achieved during the year 2023, enhances the state’s distinguished record of economic achievements, reflecting the soundness of the approach taken, the efficiency of the economic initiatives and strategies that it implemented during the last period, and the resilience of the national economy, which has passed the stage of recovery from the effects of the “Covid-19” pandemic and entered the stage of growth. In many sectors, the depth of the sound forward-looking vision of the wise leadership.

Positive performance

The positive performance of the national economy in the new year comes as a continuation of the strong growth in the past year, especially after the UAE Central Bank raised its estimates of real GDP growth in the country to 7.6% in 2022, compared to its previous estimates of 6.5%, while the International Monetary Fund raised the growth rate. The UAE economy increased to more than 6% in 2022, compared to 3.8% in 2021.

Strong recovery

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

He said that the UAE economy recorded strong growth this year thanks to the strong recovery in the tourism and construction sectors, activities related to the "Expo 2020 Dubai" exhibition, and the increase in oil production under the "OPEC +" agreement, and the recovery is expected to continue with the return of the economic cycle.

Azour explained that the non-oil activity in the UAE benefited greatly from lifting the precautionary measures and measures related to the pandemic, in addition to the support that the sector received as a result of the tourism boom and the Dubai Expo.

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 pandemic and returning to a rapid recovery.

faster economies

For his part, Issam Abu Suleiman, Regional Director for the Cooperation Council for the Arab States of the Gulf at the World Bank, said that the growth of the UAE's gross domestic product is expected to exceed 4% in 2023, despite the difficult global economic conditions, benefiting greatly from the strong recovery of the economy. Non-oil.

He added that the rise 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, in addition to the favorable business environment in the country and the developed infrastructure.

Abu Suleiman explained that among the main factors behind the strong growth of the UAE's economy is its leadership in the countries of the world with a successful vaccination program for the "Covid-19" virus, in addition to monetary and financial incentive packages, indicating that these factors have led to the UAE's economy becoming one of the fastest economies to reach. To the pre-pandemic stage among the Gulf countries.

• The positive performance of the national economy in the new year, complements the strong growth in 2022.


The innovative and diverse initiatives launched by the UAE over the past years play a pivotal role in advancing comprehensive economic development towards more growth and stability in the new year, especially in light of its significant contribution to diversifying the umbrella of the country's economic base, and strengthening the role of the sectors of the new economy in supporting UAE GDP growth.

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