- UAE’s economy to grow by 5.7% in 2024.
- Non-oil GDP expected to rise by 5.9% in 2023.
- Record foreign trade at AED1.239 trillion in H1 2023.
- Foreign direct investment (FDI) inflows hit AED83.5 billion in 2022.
- PMI climbs to 57.7 in October 2023, indicating economic resurgence.
UAE Economy :
Dubai [UAE], January 31. (ANI/WAM) Younis Haji Al Khoori, the Undersecretary of the Ministry of Finance (MoF), is optimistic about the UAE economy, forecasting 5.7% growth in 2024. Despite frequent worldwide economic issues such as a downturn and financial limitations, the UAE’s economic prospects remain strong.
Sustainable Growth amidst Global Challenges :
In an interview with Emirates News Agency (WAM), Al Khoori emphasised the success of the UAE’s efforts to diversify its economy and support long-term prosperity. He expects non-oil GDP growth of 5.9% in 2023, with a little lower but still impressive growth rate of 4.7% projected in 2024.
Record-breaking Performance :
Al Khoori highlighted major milestones in the UAE economy. Notably, the country’s non-oil international trade reached a record AED1.239 trillion in the first half of 2023, representing a 14.4% rise over the same period in 2022. Furthermore, foreign direct investment (FDI) inflows increased to around AED83.5 billion in 2022, indicating confidence in the UAE’s economic prospects.
Resilience in economic indicators :
The UAE’s Purchasing Managers’ Index (PMI) rose to 57.7 in October 2023, the highest level since June 2019. Al Khoori considers this spike as evidence of the country’s rapid recovery from the effects of the COVID-19 pandemic, signalling a complete restart of economic activity.
Visionary Strategies and National Priorities :
Al Khoori praised the UAE’s innovative policies, which are consistent with the vision of its wise leadership and the ‘Principles of the 50’, which prioritise economic development as a national imperative. The UAE’s devotion to these ideals demonstrates its determination to long-term growth and prosperity.
In conclusion :
Despite global obstacles, the UAE’s economic forecast for 2024 appears to be bright. With strategic measures, diversification efforts, and a resilient attitude, the country is well-positioned to overcome obstacles and capitalise on opportunities, reaffirming its role as a regional economic stability lighthouse. (ANI/WAM)