Growth and opportunities in UAE.
Growth and opportunities in the UAE are looking up as the World Bank revises growth forecast for 2022 and 2023 by 1.2 per cent and 0.7 per cent, respectively, from its previous forecast. This is announced as the global economy is predicted to slow down due to,
- High inflation.
- Climbing interest rates.
- Reduced investment.
Another reason for this bright outlook is that; the central bank of UAE revised its economic growth projections for 2022 to 7.6 per cent from its previous forecast of 6.5 per cent on the back of stronger than anticipated performance of the non-oil sectors including but not limited to
- Real estate,
- Travel and tourism
- Hospitality
- Manufacturing
- Transportation.
The Central Bank of UAE announced the non-oil economy to expand by 6.1 per cent in 2022 as compared to its previous forecast of 4.3 per cent. While the oil sector has witnessed a growth of 11 per cent in 2022.
As compared to the other countries in the GCC, UAE is projected to have the fastest growth. These numbers will best represent the Growth and opportunities in the UAE and the GCC.
Country |
2022 |
2023 |
2024 |
UAE |
5.9 |
4.1 |
2.3 |
Bahrain |
3.8 |
3.2 |
3.2 |
Kuwait |
8.5 |
2.5 |
2.5 |
Oman |
4.5 |
3.9 |
2.4 |
Qatar |
4.0 |
3.4 |
2.9 |
Saudi Arabia |
8.3 |
3.7 |
2.3 |
The World Bank’s Global Economic Prospects report projects the global economy to grow by 1.3 per cent in 2023 and 2.4 per cent in 2024.However, it reduced UAE’s 2024 growth forecast by 1.3 per cent for 2024 to 2.3 per cent. It is important to know that these are projections and estimates and they are regularly adjusted and updated.
As compared to the rest of the world and Asia particularly there is much more scope of Growth and opportunities in UAE.
Recent bilateral free trade agreements with Asian partners supported by strong oil exports will place the current account surplus at 11.2% of GDP in 2022.
For the GCC region, World Bank projected 6.9 per cent real GDP growth for 2022, 3.7 per cent for 2023 and 2.4 per cent for next year.
If you are wondering about life in UAE and should you shift click here to check our other blog detailing Life in UAE.
As a result of these projections and the fact the AED remains pegged to the dollar, It is a great time to move to the UAE especially if you are looking to grow in your career or even expand your business. If you are not able to move to UAE because of a pending liability or a travel ban but are not sure about your travel ban you can click here to check the same.
