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  • 26-12-22

    IMF official: Regain in local sectors reinforce financial expansion in UAE

    (MENAFN) Reinforced by a regain in local sectors, the UAE economy has quickly survived the financial effect of COVID-19, with near-term financial expansion remaining robust, as shown by a top International Monetary Fund official.

    Furthermore, surged oil costs reinforced by high exceed in the economic and external balances.

    “Economic growth has been robust this year, led by a strong rebound in tourism, construction, and activity related to the Dubai World Expo, as well as higher oil production in line with the Organization of the Petroleum Exporting Countries and allies’ production agreements,” Jihad Azour, chief of Middle East and Central Asia Department, IMF, informed the Emirates News Agency.

    Adding, “The economic recovery is gaining momentum driven by return of economic cycle.”

    In line with the most recent IMF review, the UAE’s gross domestic output expansion is forecasted to amount to higher than 6 percent next year, surging from 3.8 percent last year. Inflation has elevated with international trends and is estimated to average just more than 5 percent in 2022.

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