{"id":88588,"date":"2024-02-01T00:00:00","date_gmt":"2024-02-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/economy-to-expand-5-7-in-2024-finmin-undersecretary\/"},"modified":"2024-02-01T00:00:00","modified_gmt":"2024-02-01T00:00:00","slug":"economy-to-expand-5-7-in-2024-finmin-undersecretary","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/01\/economy-to-expand-5-7-in-2024-finmin-undersecretary\/","title":{"rendered":"Economy to expand 5.7% in 2024 -FinMin undersecretary"},"content":{"rendered":"

The Finance Ministry expects the economy to grow at a 5.3% clip this year<\/strong>, up from its 3.1% forecast for 2023, driven by economic diversification efforts, Finance Ministry Undersecretary Younis Haji Al Khouri told Wam<\/a>. Non-oil GDP is expected to grow at a 4.7% y-o-y clip in 2024, Al Khouri said. <\/p>\n

The projection is slightly more bullish than most others: <\/strong>The World Bank expects to see 3.7% growth in 2024, up from the previous estimate of 3.4% in the June edition of its report, while The Arab Monetary Fund sees the GDP growing at a 4.3% clip<\/a>. On the more bullish side, S&P Global is more in line with FinMin\u2019s forecast, saying earlier this month<\/a> that the economy could accelerate to more than 5%. The Central Bank of the UAE is even more bullish, saying last month it sees the economy growing at a 5.7% clip.<\/p>\n

The non-oil GDP projection is also more bullish: <\/strong>The International Monetary Fund<\/a> sees the non-oil sector maintaining its 4% growth in 2024, while Oxford Economics<\/a> expects non-oil GDP to grow 3.8% in 2024. <\/p>\n

ICYMI- The positive growth outlook for the Emirates\u2019 economy comes amid expectations <\/strong>of a <\/strong>global economic slowdown<\/a><\/strong>, with the IMF slashing its outlook<\/a> for the regional economy to 2.9% in FY 2023-24, marking a 0.5% downgrade from its previous outlook in October on the back of Saudi Arabia\u2019s temporary oil cuts, according to its latest update (pdf)<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Al Khouri expects non-oil GDP to grow 4.7% y-o-y during the year<\/p>\n","protected":false},"author":1,"featured_media":88589,"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":[19,7,11,20],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-finance-ministry","tag-gdp","wpautop","entry"],"acf":{"mongo_id":"cf61c6b9-39fe-4397-a725-47b121c3fe95","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2698.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE economy to grow by 5.7% in 2024, says FinMin undersecretary","related_issue":[88584],"teaser":"Al Khouri expects non-oil GDP to grow 4.7% y-o-y during the year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.49779e70-5ba8-4a7e-9d31-72e73fe0b81f.mp3"},"yoast_head":"\nEconomy to expand 5.7% in 2024 -FinMin undersecretary - 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