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World Bank anticipates 4.5% growth in UAE non-oil economy in 2023

The World Bank has projected 3.4% growth in the UAE’s real Gross Domestic Product (GDP) by 2023, with expectations of a further increase to 3.7% in 2024.

According to the World Bank’s recently released Gulf Economic Update (GEU) report, the Bank anticipated the UAE’s non-oil GDP growth to reach 4.5% in 2023, driven by strong performances in the tourism, goods and services sectors. roots, construction, transportation and manufacturing. , along with an increase in capital spending. Meanwhile, oil GDP is expected to grow by 0.7% in 2023 and 3.6% in 2024.

He world Bank projected increase in the UAE’s current account balance to 12.4% in 2023 and 11.8% in 2024. The UAE is expected to achieve a fiscal balance surplus of 5.2% in 2023 and 4. 6% in 2024.

According to the report, the Gulf Cooperation Council The GCC region is estimated to grow by 1% in 2023 before recovering again to 3.6 and 3.7% in 2024 and 2025, respectively. This growth was offset by non-oil sectors, which are expected to grow 3.9% in 2023 and 3.4% in the medium term supported by sustained private consumption, strategic fixed investments and accommodative fiscal policy.

Khaled Alhmoud, senior economist at the World Bank, He said diversification and development of non-oil sectors has a positive impact on creating employment opportunities in all sectors and geographical regions within the GCC.

“GCC countries have witnessed a notable increase in female labor force participation,”

saying Johannes Koettl, chief economist at the World Bank.

“Saudi Arabia’s achievements in advancing women’s economic empowerment in just a few years are impressive and offer lessons for the MENA region and the world.”

According to the report, the Saudi private sector workforce has grown steadily, reaching 2.6 million by early 2023. Additionally, Saudi women’s participation in the workforce more than doubled in a six-year span , from 17.4% at the beginning of 2017 to 36% in the first quarter of 2023.

News source: Emirates News Agency

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