The Central bank in UAE expected the country’s total GDP to grow by 3.3% in the next year 2023, estimating the growth of non-oil GDP by 3.3%, while oil GDP is estimated to grow by 3.4%.
On the other hand, the International Monetary Fund expected that the momentum of recovery in UAE would continue, with real GDP growing at a rate of 3.6% next year, and gradually rising to 3.7% and 3.9% in 2024 and 2025, respectively, according to Emirati newspaper, “Al Bayan”.
Economic analysts explained to the newspaper that the continued momentum of economic growth in UAE confirms the strength and solidity of the national economy and its full recovery from the repercussions of the Corona pandemic, which confirms the state’s keenness to consolidate its position and develop its economy to become among the most developed and advanced economies in the world.
Analysts pointed out that the government’s continuous efforts will increase the pace of growth, making the economy more advanced and prosperous with new growth movements and more diversified foreign partnerships, in order to serve the country’s future vision and provide the possibilities for comprehensive and sustainable development.
Analysts pointed out that this comes thanks to the economic policies that contributed to accelerating the pace of growth and pushing the economy to the stage of recovery and from there to the stage of expansion, in addition to contributing pivotally to the consolidation of the foundations of a strong competitive economy capable of facing various changes, and developing policies and legislation that keep pace with global changes and support ease of doing business. .
In addition to promoting a stimulating and attractive environment for investment, talents and owners of innovative projects.
The economic growth of UAE has maintained an upward trend for many years since the seventies of the last century, as the country’s gross domestic product achieved great leaps in the first five decades of the union’s life, rising from 58.3 billion dirhams in 1975 to 1.489 trillion dirhams last year.
It is expected that the pace of growth and record economic leaps will continue in the coming years, with the government adopting a strategy based on diversifying sources of income instead of relying on the oil sector.
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