The International Monetary Fund (IMF) predicted that UAE Economy will grow at faster rate next year, expanding its GDP rate at 3.9 percent as compared to this year’s GDP which was 3.5 percent.
In line with the Global Economy, The growth forecast of UAE downgraded by 0.7 percent to 3.5 percent. But as compare to last year it upgraded from 5.1 percent to 7.4 percent after October 2022.
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The Central Bank of UAE also predicted the increase in GDP rate in 2023 by 3.9 percent. It predicted an increase in oil GDP by 3.0 percent to 3.5 percent in 2023-2024. On-going Russia-Ukraine war and potential declines in production of oil by other OPEC members is allowing UAE to increase its Oil GDP at faster rate.
Oil Producing Gulf Countries will Slow Down
World Level economists predicted that due to production cut some oil-producing gulf economies will slow down. Among the other gulf-countries Saudi Arabia, Oman, Qatar and Kuwait will witness some slow GDP rate.
Saudi Arabia, Oman, Qatar and Kuwait are predicted to expand only at 3.1 percent, 2.4, 0.9 and 1.7 percent. As compare to these gulf-countries UAE will be the fastest growing economy.
Global Economy at Soft terms
International Monetary Fund (IMF) predicted that global economy is not at certain position right now, it growth will fall from 3.4 percent to 2.8 percent in 2023 which is quite a huge downfall.
It also said that, “Although inflation has declined as central banks have raised interedt rates and food energy prices have come down, underlying price pressures are proving sticky, with labour markets tight in a number of economies”.
Other economies rate projected by IMF are 5.9 percent growth in India, 5.2 percent in China and 1.3 percent for Japan. While United Kingdom will contract by -0.3 percent which will make it the worst economy in the G-7 countries this year.