IMF expects UAE economy to grow by 4% in 2024
Economic growth driven by tourism, construction, manufacturing, financial services
The International Monetary Fund (IMF) expects the real gross domestic product (GDP) of the UAE to grow by 4 percent in 2024.
In a statement today, following the conclusion of a team of its experts' visit to the UAE regarding the 2024 Article IV consultations, the IMF stated that economic growth in the UAE is broad-based, driven by strong activity in the tourism, construction, manufacturing, and financial services sectors.
The IMF also anticipated that the UAE's fiscal and external surpluses would remain high, supported by relatively high oil prices.
According to the IMF, the overall government surplus is expected to be around 5 percent of the UAE's GDP in 2024, while the current account surplus is estimated to be about 10 percent of GDP for the same year.
The IMF noted that banks in the UAE generally possess substantial capital and liquidity reserves.