UAE Forecasts Strong Economic Growth at 5.7% in 2024 Amid Global Challenges

The United Arab Emirates is on track for a robust economic expansion, with projections indicating a 5.7% growth rate in 2024, as confirmed by Younis Haji Al Khoori, the Undersecretary of the Ministry of Finance (MoF). This optimistic forecast persists despite the slowing global economy and challenging financial conditions.

During a conversation with the Emirates News Agency (WAM), Al Khoori expressed confidence in the nation’s diversified economic strategy and its emphasis on sustainable development. He emphasised that the non-oil sector is set to experience a 5.9% increase in 2023 and a 4.7% rise in 2024.

Highlighting the UAE’s trade achievements, Al Khoori pointed out that non-oil foreign trade surged to an unprecedented AED 1.239 trillion in the first six months of 2023, a 14.4% jump from the previous year. The country also saw significant foreign direct investment (FDI) inflows, totaling approximately AED 83.5 billion in 2022.

Moreover, the Purchasing Managers’ Index (PMI) for the UAE reached a peak of 57.7 in October 2023, marking the highest level since June 2019. This indicator reflects a strong post-pandemic economic recovery and the resumption of full-scale economic activities across the country.

Al Khoori emphasised that the UAE’s innovative economic strategies are aligned with the visionary leadership of the country and the ‘Principles of the 50’, prioritising economic development as a key national goal.

Original article reference: Zawya.

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