IMF expects UAE economy to grow by 4%

 The International Monetary Fund (IMF) has released an  forecast for the UAE's economic growth, predicting a 4 percent increase in real GDP for 2024. This announcement follows the conclusion of the IMF's 2024 Article IV consultations, during which a team of experts assessed the UAE's economic landscape.

The IMF made this announcement after reviewing several sectors such as tourism, construction, manufacturing and financial services.

Additionally, the IMF projects that the UAE will maintain high fiscal and external surpluses, supported by relatively high oil prices. The overall government surplus is expected to be about 5 percent of GDP, while the current account surplus is projected to reach about 10 percent of GDP in 2024.

The IMF assessment also underlined the strength of the UAE's banking sector, noting that banks generally have adequate capital and liquidity reserves. This financial stability is important to underpin the country's economic growth and resilience.

In summary, the IMF's forecast for the UAE in 2024 is optimistic, with significant growth driven by a diversified economy and strong financial health. This positive outlook underlines the UAE's strategic initiatives to promote sustainable economic growth.