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Economy, Energy

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IMF forecasts UAE GDP growth of 3.4% in 2023

The IMF said that the UAE's current account balance is expected to be about 8.2 percent of GDP in 2023. (WAM)
By TRENDS Desk
October 10, 2023 8:18 pm
  • The IMF's forecast is in line with that of the World Bank, which released a similar estimate two days ago.
  • It forecast that the economies of Middle East and Central Asia will grow by 2 percent in 2023 and 3.4 percent in 2024.

MARRAKESH, MOROCCO – The International Monetary Fund (IMF) has forecast that the UAE’s real Gross Domestic Product (GDP) will grow by 3.4 percent in 2023 and 4 percent in 2024.

The IMF’s forecast is in line with that of the World Bank, which released a similar estimate two days ago.

The IMF said that the UAE’s current account balance is expected to be about 8.2 percent of GDP in 2023 and 7.7 percent of GDP in 2024.

The IMF also forecast that the economies of the Middle East and Central Asia will grow by 2 percent in 2023 and 3.4 percent in 2024.

Saudi Arabia is expected to grow by 4 percent in 2024.

The IMF said that the economies of oil exporters are expected to grow by 2.2 percent in 2023 and 3.4 percent in 2024.

In contrast, the economies of oil importers are expected to grow by 1.8 percent in 2023 and 3.3 percent in 2024.

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