UAE’s economy to see an increase of over 5% in 2022

In Q1 20022, the country’s GDP grew by 8.2% while oil-related GDP grew by 13%, in line with relevant OPEC+ agreements and the non-oil sector is still strong after a good start to the year.
The increase in the UAE’s real income levels due to high wages and employment rates supported local demand and, strengthened the country’s wholesale, retail, and real estate sectors.
The transport, tourism, and hospitality sectors recovered in the past period due to an increase in the numbers of tourists and hotel occupancy rates.
In 2022, the Gulf Cooperation Council (GCC) economies will grow by 6.4% and in 2023 by 3.4%.
However, inflation is still a big problem for monetary policy-makers worldwide, and the current inflation dynamics do not leave much room for less restrictive policies by central banks.

Image: Alarabiya News

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