UAE economy to grow 5.7% despite global challenges

Wam

The UAE economy is projected to grow by 5.7 percent in 2024 despite prevailing global economic challenges, according to the Gulf state’s finance ministry undersecretary Younis Haji Al Khoori.

“Our efforts to diversify the economy and promote sustainable growth have proven effective. The country expects non-oil GDP growth to reach 5.9 percent in 2023 and grow by 4.7 percent in 2024,” he told the UAE state-run Wam news agency.

Al Khoori said that the UAE’s non-oil foreign trade reached AED1.24 trillion in the first half of 2023, rising 14.4 percent year on year.

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Foreign direct investment inflows reached about AED83.5 billion last year.

The official added that the UAE’s purchasing managers’ index climbed to 57.7 in October 2023, reaching its highest level since June 2019.

“This post-Covid-19 surge signifies the pace of recovery and the full resumption of economic activity in the country,” Al Khoori added.

The Central Bank of the UAE in December revised its forecast for economic growth to 5.7 percent for 2024, up from an earlier projection of 4.3 percent.

The overall GDP is forecast to grow by 3.1 percent in 2023, the central bank said in a report.