Today's Edition
WASHINGTON (WAM)
The International Monetary Fund (IMF) expects the real gross domestic product (GDP) of the UAE to grow by four percent in 2024.
Following the conclusion of a team of its experts' visit to the UAE regarding the 2024 Article IV consultations, the IMF released a statement on Monday in which it stated that economic growth in the UAE is broad-based, driven by strong activity in the tourism, construction, manufacturing, and financial services sectors.
Additionally, the IMF 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 five 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.
Furthermore, the IMF noted that banks in the UAE generally possess substantial capital and liquidity reserves.
