ABU DHABI, 31st October, 2022 (WAM) — The World Bank has commended the UAE’s “friendly business environment and world-class infrastructure”, which is expected to grow the country’s real GDP by 5.9 percent in 2022.
This comes as the World Bank announced its new Gulf Economic Update (GEU), where it said higher oil revenues supplemented by a gradual non-oil recovery in the emirate will boost tax revenues, resulting in a fiscal surplus of around 4.4 per cent. Will be done. GDP in 2022…
This comes as the World Bank announced its new Gulf Economic Update (GEU), where it said higher oil revenues supplemented by a gradual non-oil recovery in the emirate will boost tax revenues, resulting in a fiscal surplus of around 4.4 per cent. Will be done. GDP in 2022…
According to the report, recent bilateral free trade deals with Asian partners backed by strong oil exports will bring the UAE’s current account surplus to 11.2 per cent of GDP in 2022. However, the bank expected real GDP to remain at 4.1 per cent in 2023 as slowing global demand could dampen growth due to tighter financial conditions.
According to the GEU, the Gulf Cooperation Council (GCC) economies are projected to expand by 6.9% in 2022, which will shrink to 3.7% and 2.4% in 2023 and 2024.
“The easing of pandemic restrictions and positive growth in the hydrocarbon market fueled a strong recovery in the GCC in 2021 and 2022. Strong economic recovery and supply chain constraints pushed inflation in the GCC to an average rate of 2.1% in 2021 compared to 0.8 given.% in 2020″.
Supported by higher hydrocarbon prices, the report continued, the GCC region is “expected to post a strong twin surplus in 2022 and continue in the medium term. The regional fiscal balance is projected to post a surplus of 5.3 per cent of GDP in 2022”. , the first surplus since 2014, while the external balance surplus is expected to reach 17.2 per cent of GDP.
“There is an excellent and timely opportunity to diversify the economy using a green growth strategy and take a leading role in the global transition to low-carbon economies,” said Issam Abusleman, GCC’s World Bank regional director. “The sector can use the green growth transition to focus policies on the development of green technologies and associated skilled labor that will reverse trends in productivity and allow the sector to grow rapidly.”
According to the report, the total GDP of GCC countries is estimated to reach US$ 2 trillion in 2022. If GCC countries implement a green development strategy that will help and accelerate their economic diversification, GDP may have the potential to grow further. over US$13 trillion by 2050.”
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