UAE economy thrives with strong domestic growth- IMF

Posted on October 20, 2023   |  

UAE's economy is poised for 3.5% growth this year, with 3% inflation in 2023, down from 4.8% in 2022.

Potential challenges include decreased oil demand, reduced trade, tourism, higher interest rates, or geopolitical factors.

The oil-dependent part of the economy may slow down in 2023 but is expected to pick up in 2024 following OPEC+ cuts.

Business-friendly reforms and the UAE's status as a haven continue to attract foreign investments and labor, boosting the economy and upscale property prices.

Solid finances with a 5% fiscal balance in 2023 and plans to introduce corporate income tax in June 2023 for increased non-oil revenue.

Declining public debt, projected to fall below 30% of GDP in 2023, and a notably higher current account surplus in 2023 and 2024.