Dubai, UAE— The UAE’s economy has recorded the best growth rates in comparison to other economies in the region, according to Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF).
He affirmed the UAE’s robust economic performance in recent years, highlighting its exceptional handling of global challenges.
In statements to the Emirates News Agency (WAM) at the World Governments Summit (WGS), Azour stated, “The performance of the UAE economy has been very good, achieving the best growth rates compared to other economies in the region, exceeding 4%.”
He emphasised the strong performance of the UAE’s non-oil sector, which has significantly contributed to the country’s economic resilience. Azour pointed out that the UAE’s economic diversification strategy has played a vital role in enhancing the efficiency of the private sector.
Speaking on the significance of WGS talks, Azour underscored the IMF’s strategic partnership with the event. He referred to the “Annual Arab Fiscal Forum” held in collaboration with the Arab Monetary Fund, where discussions on financial and economic prospects in the region take place among Arab finance ministers and central bank governors.
Azour highlighted that this year’s WGS focuses on climate finance, artificial intelligence, and international cooperation. Additionally, he mentioned the launch of several studies by the Fund as part of the summit’s activities.
Regarding his outlook for the economies of the Middle East region, Azour noted a downward revision in forecasts for 2024 by 0.5 percentage points due to geopolitical tensions and temporary reductions in oil production.
IMF expects the Middle East and Central Asia economies to grow by 2.9 percent in 2024, rising to 4.2 percent in 2025. Furthermore, the IMF has raised its expectations for global economic growth to 3.1 percent in 2024 and 3.2 percent in 2025.
Azour highlighted the varied performance of the region’s economies in 2024, with uneven growth expected, while non-oil growth is projected to remain strong. He pointed out positive signs amid expectations of a decrease in global inflation rates in 2024.