The economy of the UAE is among the countries with high potential for global production and development

Media In Abu Dhabi 26 November 2018 (WAM)
The diversification policy adopted by the UAE has created new tributaries for the national economy, which is now among the most highly developed economies in the world.
The value added tax (VAT) is expected to increase by 5% from the beginning of the year to increase UAE GDP by 1.5% to 2% in 2018 to AED 1.6 trillion compared to AED 1.49 trillion in 2017. According to official studies, including the Ministry of Economy.
The introduction of this tax stemmed from the State’s commitment to more active policies to promote economic growth, which also contributed to diversifying the resources of the national economy in general.
Economic and financial policies in the last four years have contributed to the strengthening of the national economy and enabled the State in the final outcome to maintain its financial and monetary stability and to promote growth levels.
Economists said that in light of the country’s great success in diversification, which boosted the immunity of the national economy in the face of the pressures on the global economy, the GDP is expected to rise to about 1.6 trillion dirhams in 2018, pointing to the capacity Which has been shown by the national economy to absorb the effects of the global crises both during 2008 and the significant decline in oil prices witnessed in 2014.