Media ININ Economy We Trust
Media In Dubai – January 14, 2019
A recent analysis by the Dubai Chamber of Commerce and Industry (DCCI) predicts a strong and positive growth for the UAE economy during the period 2019-2023, expecting GDP growth to average 3.8% over the next five years while the non-oil sector is expected to lead the country’s economic activity during the same period with a growth rate of 4.1% %.
The analysis based on the macroeconomic model developed by Dubai Chamber showed that the UAE economy will grow by 3.4% in 2019 and increase to 4.7% in 2020, driven by growth in investments and private consumption, which are expected to grow by 8.2% And 4%, respectively.
During the 2019 Business Forum, which was organized by Dubai Chamber recently, the Chamber reviewed the economic growth prospects of the UAE over the next five years, the 2019 global economic landscape and beyond, as well as the China Belt and Road Initiative and the expected UAE trade benefits.
The analysis of the UAE economic scene showed expectations of the exports of goods and services on a real growth rate of 3.2% during the same period (2019-2023). The analysis pointed out that the growth in economic activity during the coming period is due mainly to several reasons, most notably economic policies, and continued spending on infrastructure development and construction sector in preparation for the World Expo 2020 Dubai. The analysis stressed that public and private sector investments will grow during the same period in the technological and digital fields and technical programs.
The analysis predicts that the transport, logistics and communications sectors will lead the growth in the economic sectors during the period 2019-2023, followed by the construction sector and real estate. The analysis pointed out that the efforts of the state to reduce the cost of doing business will contribute to support the private sector and the activity of small and medium enterprises in the country.
