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UAE economy’s growth for 2022 upgraded to 5.4%

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Sheikh Mansour bin Zayed, deputy prime minister and chairman of the board of the Central Bank of the UAE

The UAE economy is set to grow by 5.4 percent this year, driven by the country’s success in containing the economic impacts of the coronavirus pandemic, according to the Central Bank of the UAE (CBUAE).

The figure is higher than the 4.2 percent real gross domestic product (GDP) growth estimate made by the bank in April. The UAE expanded 3.8 percent in 2021 and is expected to grow another 4.2 percent in 2023 as momentum continues.

Overall GDP growth will be supported by a 8 percent rise in the UAE’s oil economy in 2022. The country’s non-oil economy is expected to grow by 4.3 percent.

“Despite the numerous economic challenges caused by the pandemic in 2021, the UAE was able to excel on the economic front, and even improve its competitiveness, thanks to the overall vision and timely policies enacted by our leadership,” Sheikh Mansour bin Zayed, deputy prime minister and chairman of the board of CBUAE, said.

A report by the International Monetary Fund also pointed out the country’s continued push to implement policies “aimed at supporting economic growth”.

The recovery from the global economic slowdown in 2020 has been driven by pandemic-mitigation measures and AED388 billion ($105.72bn) in fiscal and monetary support since the onset of the pandemic.

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