{"id":90993,"date":"2024-04-17T00:00:00","date_gmt":"2024-04-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/imf-sees-the-uaes-economy-growing-3-5-in-2024\/"},"modified":"2024-04-17T00:00:00","modified_gmt":"2024-04-17T00:00:00","slug":"imf-sees-the-uaes-economy-growing-3-5-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/17\/imf-sees-the-uaes-economy-growing-3-5-in-2024\/","title":{"rendered":"IMF sees the UAE's economy growing 3.5% in 2024"},"content":{"rendered":"

The IMF has revised downward its 2024 growth forecast for the UAE to 3.5%<\/strong> in its latest World Economic Update report (pdf)<\/a>. The Fund had penciled in 4.0% growth for 2024 in the October edition of the report (pdf)<\/a>. The Fund also estimates the UAE\u2019s economy to grow at a 4.2% clip in 2025. <\/p>\n

The Fund\u2019s projections are slightly lower than others:<\/strong> The World Bank and Economy Ministry both estimated the UAE\u2019s growth to reach 3.9% in 2024<\/a>. Oxford Economics, meanwhile, projects the economy will grow at 4.4%. <\/p>\n

\n

INFLATION-<\/p>\n

The IMF predicts a 2.1% rise in consumer prices in 2024 from 1.6% in 2023.<\/strong> This is a slight downward revision from the 2.3% annual inflation rate the Fund had forecasted for 2024 back in October. The report also sees inflation decelerating slightly to 2.0% in 2025. <\/p>\n

How this compares:<\/strong> The Economy Ministry expects inflation to decelerate in 2024 to 2%, down from 3.4% in 2023. The Central Bank of the UAE recently revised upward<\/a> its 2024 inflation projection to 2.5%, up from the previously projected<\/a> 2.1%. <\/p>\n

\n

FISCAL PERFORMANCE-<\/p>\n

The Fund expects the UAE\u2019s current account balance-to-GDP ratio to come in at 7.8%<\/strong> this year \u2014 just a notch above the 7.7% that was projected in October. This figure will fall further to 6.9% in 2025, according to the report. <\/p>\n

\n

THE REGIONAL OUTLOOK-<\/p>\n

Growth in the MENA region is expected to pick up pace<\/strong>, with projections rising from 2.0% in 2023 to 2.8% in 2024 and 4.2% in 2025, according to the Fund. However, a slight downward revision of 0.1 percentage point for 2024 reflects lower non-oil activity and oil revenues, particularly in Iran. <\/p>\n","protected":false},"excerpt":{"rendered":"

The Fund projects GDP growth to reach 4.2% in 2025<\/p>\n","protected":false},"author":1,"featured_media":90994,"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":[19,7,20,594,96],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-gdp","tag-imf","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"3a56ec62-5cf0-4c1c-92f6-8c7e54cdbbbf","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/922.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IMF revises downwards its forecast for the UAE\u2019s GDP growth to 3.5% in 2024","related_issue":[90984],"teaser":"The Fund projects GDP growth to reach 4.2% in 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.b4b675e2-b20e-4412-89ca-9d2276cc6ed7.mp3"},"yoast_head":"\nIMF sees the UAE's economy growing 3.5% in 2024 - 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