The UAE’s economy is expected to defy global headwinds and register real gross domestic product growth of 3.7 per cent this year, according to the International Monetary Fund (IMF).
In a report cited by the country’s state media agency WAM, the IMF’s latest economic outlook figures show that the UAE’s real GDP will outdo the 2.9 per cent growth forecast for 2018 and the 0.8 per cent growth achieved in 2017.
And speaking to WAM, assistant under-secretary for foreign trade affairs at the Ministry of Economy, Juma Mohammad Al Kait, added that geopolitical developments are unlikely to moderate the economic growth of the UAE.
“The positive outlook for the country’s economy has been affirmed by the advanced ranking across several global competitiveness indices” he said.
“The UAE jumped 10 places in the World Bank’s Ease of Doing Business ranking – to 11th position globally in 2019 from 21st position last year – to lead the Arab world for the sixth consecutive year. The country is fast closing in to become one among the top 10 in the Ease of Doing Business ranking of 190 countries by the World Bank.”
He added that UAE also jumped in the competitiveness rankings in 2018, due to its progress in the last few years.
“The country was the most competitive economy in the Middle East and North Africa region, according to the IMD World Competitiveness Center,” he added.
Economic expert Radhwa Radhwan noted that the UAE economy has survived several economic headwinds generated by geopolitical developments in recent years, with Ali Salah, head of economic studies unit at Future for Advanced Research and Studies adding that Goldman Sachs economists dialled back their view on US economic growth from 2.4 per cent to 2 per cent in 2019.
Salah also referred to IMF forecasts that China’s economic growth could decline to 6.1 per cent in 2019 from 6.6 per cent in 2018.
Randa Abbas, economic lecturer at the Emirates Diplomatic Academy said that the global economy is going through a state of volatility due to the economic policies adopted by some major economies, resulting in the IMF and WTO altered their outlooks for the global economy.