{"id":98595,"date":"2024-12-09T00:00:00","date_gmt":"2024-12-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/the-imf-downgrades-growth-projection-for-the-uae-in-2024-but-remains-upbeat\/"},"modified":"2024-12-09T00:00:00","modified_gmt":"2024-12-09T00:00:00","slug":"the-imf-downgrades-growth-projection-for-the-uae-in-2024-but-remains-upbeat","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/09\/the-imf-downgrades-growth-projection-for-the-uae-in-2024-but-remains-upbeat\/","title":{"rendered":"The IMF downgrades growth projection for the UAE in 2024, but remains upbeat"},"content":{"rendered":"

The International Monetary Fund (IMF) revised its growth forecast for the <\/strong>UAE<\/strong>, projecting GDP growth of 3.7% in 2024 and 4.5% in the medium term, down from an earlier forecast of 4% in 2024 in May<\/a>, according to the 2024 IMF Article IV consultation report<\/a> for the UAE. Still, the Fund expects growth to remain strong, driven by ongoing non-oil sector growth, government reforms, public spending, and increased oil production due to the Opec+\u2019s hike of its production quota<\/a> in 2025.<\/p>\n

The IMF also revised its growth forecast downwa<\/strong>rds slightly for 2025 to 5%<\/strong>, down from 5.1%<\/a> earlier. <\/p>\n

Fiscal and external surpluses are expected to remain strong in 2024<\/strong>, fueled by high oil prices. Tax reforms are likely to support the fiscal surplus, though the current account surplus could dip due to higher reform-driven imports and stabilizing oil prices.<\/p>\n

The banking sector remains resilient:<\/strong> Banks are seeing strengthened capital buffers, fewer non-performing loans, though they remain elevated in the construction sector, and steady credit growth, even with higher interest rates. Capital inflows are also pumping up reserves and liquidity, contributing to rising real estate prices \u2014 especially in Dubai\u2019s high-end market.<\/p>\n

Geopolitical risks such as tensions, economic slowdowns, and commodity volatility could impact growth<\/strong>, but sovereign buffers help mitigate these vulnerabilities. The IMF also highlights the importance of accelerating climate reforms to address long-term decarbonization challenges. <\/p>\n

Policy recommendation:<\/strong> The IMF urges the UAE to strengthen macroprudential frameworks, finalize real estate exposure standards, and consider countercyclical capital buffers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Non-oil sector growth, government reforms, increased public spending, and a hike in oil production will support growth<\/p>\n","protected":false},"author":1,"featured_media":98596,"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":[19,7,20,594,285],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-gdp","tag-imf","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"7418ca58-7f3f-4936-8ee3-78c6bb2e04dc","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/761.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The IMF downgrades growth projection for the UAE in 2024, but remains upbeat","related_issue":[98588],"teaser":"Non-oil sector growth, government reforms, increased public spending, and a hike in oil production will support growth","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.f8770fb7-bfc1-4e84-ac19-2a828a6bc5ad.mp3"},"yoast_head":"\nThe IMF downgrades growth projection for the UAE in 2024, but remains upbeat - 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