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  • 23-11-22

    UAE to reach +6 percent surge in GDP this year, driven by financial tailwinds

    (MENAFN) The gross domestic product expansion of the UAE is estimated to amount to more than 6 percent this year, powerfully higher than the 3.8 percent level recorded in 2021, as stated by a senior representative of the International Monetary Fund.

    After negotiations with the UAE authorities from for the 2nd of November to the 17th, Ali Al-Eyd, the chief of the 2022 Article IV Consultation, decided that the nation’s near-term expansion is powerful.

    “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 OPEC+ production agreements,” Al-Eyd stated in a press release.

    Financial and external exceeds surged more, taking advantage from the raised oil costs and the pullback of the momentary COVID-linked economic support to firms and households as the epidemic has progressively decreased.

    “Increased global uncertainty led to larger financial inflows, contributing to rapid real estate price growth in some segments,” he also mentioned.

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