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The International Monetary Fund expected the UAE’s GDP to grow by 3.5% in the current year 2023, with a growth rate of 3.9% in 2024.
The fund’s report indicated that inflation is expected to decline to 3.4% in 2023, to reach 2% in 2024.
The fund expected the UAE to achieve an improvement in current accounts, which are expected to account for 7.1% of GDP in 2023 and 7% next year.
In addition, the latest report on global economic prospects on the sides of the spring meetings predicted that global growth would stabilize at its lowest level, which is 2.8 percent this year, before rising slightly to 3 percent next year, which is 0.1 percent point less. than the January predictions. January, noting that “global inflation will decline, albeit at a slower pace than initially expected, from 8.7% in 2022 to 7% this year and 4.9% in 2024.”
On the other hand, the Fund raised its forecast for the United States during the two years, estimating that its economy will grow by 1.6 percent in 2023 (0.2 points) and 1.1 percent in 2024 (+0.1 points).
The IMF maintained its growth forecast for China at 5.2% for the year, saying that the country’s reopening raised hopes of “positive spillovers” for the rest of the world.
According to the fund, the slowdown in economic activity this year is concentrated in advanced economies, especially the euro area and the United Kingdom, where growth is expected to drop to 0.8 percent and -0.3 percent this year, before rising again to 1.4 percent and 1 percent, respectively. . On the contrary, despite a 0.5 percentage point reduction in forecasts, many emerging market and developing economies are improving as growth accelerates, on a year-to-date basis, reaching 4.5 percent in 2023 compared to 2.8 percent in 2023. 2022.
