{"id":88298,"date":"2024-01-24T00:00:00","date_gmt":"2024-01-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/picking-up-the-pace\/"},"modified":"2024-01-24T00:00:00","modified_gmt":"2024-01-24T00:00:00","slug":"picking-up-the-pace","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/24\/picking-up-the-pace\/","title":{"rendered":"Picking up the pace"},"content":{"rendered":"

Economic growth will accelerate in 2024 to 3.8%, up from last year\u2019s 3.0%<\/strong>, according to a Reuters poll<\/a> of 20 economists. The economists also expect the UAE\u2019s budget surplus to narrow this year, although an exact figure was not provided. <\/p>\n

How this compares to other projections:<\/strong> The World Bank expects to see 3.7% growth in 2024, it said in its Global Economic Prospects report<\/a>, up from the previous estimate of 3.4% in the June edition of its report. The Arab Monetary Fund sees<\/a> the UAE\u2019s GDP growing at a 4.3% clip this year, while the Central Bank of the UAE is more bullish, saying last month<\/a> it sees the economy growing at a 5.7% clip in 2024. S&P Global Ratings also expects<\/a> the economy to grow more than 5% this year.<\/p>\n

\n

THE REGIONAL PICTURE-<\/p>\n

The outlook: <\/strong>All six economies of the Gulf Cooperation Council (GCC) are expected to grow at an average of 3.5% in 2024, with estimates of 2023 to have closed at 0.8%, the survey showed. \"For 2024, we anticipate [oil] production cuts to remain in place, which dampens the oil sector outlook and also total real GDP,\" said S&P Global\u2019s Ralf Wiegert.<\/p>\n

Diversification is set to fuel growth in the regional bloc\u2019s non-oil sector <\/strong>with expectations of the sector growing 3.6% this year \u201cunderpinned by continued investment as oil exporting countries push ahead with ambitious economic diversification programmes,\" said chief economist and head of research at Emirates NBD, Khatija Haque.<\/p>\n

The downside risk:<\/strong> Pundits pointed to a \u201cchallenging global outlook\u201d as potentially weighing on GCC economies\u2019 performance this year, thanks to a combination of high interest rates, regional tensions from the war between Israel and Hamas to the trade disruption in the Red Sea, and \u201can unlikely reversal in oil production cuts.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"

Analysts are expecting the economy to have closed 2023 in recession<\/p>\n","protected":false},"author":1,"featured_media":88299,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[19,7,20],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-gdp","wpautop","entry"],"acf":{"mongo_id":"51c5bcf9-5d2b-4ceb-aedc-0448e288e092","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2101.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Reuters poll sees UAE GDP growth accelerating in 2024 as GCC economies stage a \u201crebound\u201d","related_issue":[88294],"teaser":"Analysts are expecting the economy to have closed 2023 in recession","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.16c3f2cb-efd3-4e5f-ae1b-01a0dd96f9f4.mp3"},"yoast_head":"\nPicking up the pace - 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