UAE economic growth is projected to lead region in 2025: IMF

Dr. Jihad Azour, Director of the Middle East and Central Asia Department astatine the International Monetary Fund (IMF), affirmed that the UAE economical maturation is projected to pb Gulf Cooperation Council (GCC) countries successful 2025, chiefly driven by the non-oil sector.

In statements to Emirates News Agency (WAM) connected the sidelines of a league organised by the Dubai International Financial Centre (DIFC) successful collaboration with the IMF connected Regional Economic Outlook for the Middle East and Central Asia - October 2024’, Dr. Azour stated that the UAE's non-oil assemblage is expected to execute maturation rates of 4 percent to 5 percent successful 2025. “This robust maturation underscores the effectiveness of the country's economical policies.”

Dr. Azour commended the UAE's adaptability to planetary economical and geopolitical shifts, highlighting its presumption arsenic a cardinal centre betwixt large economical blocs and a hub for planetary events.

“Despite planetary challenges, the UAE system has demonstrated swift adaptability and leveraged modern exertion to excel,” helium said, noting that the UAE has managed to prolong precocious maturation rates.

He highlighted respective factors bolstering the UAE's economical outlook, including concern successful integer and technological sectors, renewable energy, and greenish initiatives, alongside the UAE's argumentation of diversifying concern sources and enhancing clime sustainability.

Dr. Azour said that the UAE system has undergone important changes successful caller years owed to planetary dynamics, noting that the COVID-19 pandemic, 1 of the astir notable challenges, enhanced the UAE's adaptability and resilience. “Through the adoption of precocious technologies, the UAE improved its services, boosting competitiveness and reinforcing its presumption arsenic a planetary economical and fiscal hub.”

He pointed retired that the UAE has bolstered its estimation arsenic a premier destination for planetary investments done important investments successful promising sectors similar technology, technological infrastructure, and renewable energy. “Key economical events, specified arsenic Expo 2020 Dubai and the COP28 clime conference, besides lend to this enhanced appeal.”

Dr. Azour underscored that the UAE, particularly Dubai, has go a harmless haven for investors and strategical readying destinations, noting that concern successful promising sectors volition play a cardinal relation successful advancing the UAE and Dubai economies and expanding caller horizons for both.

About the Middle East region, Dr. Jihad Azour explained that the economical scenery varies by the benignant of system successful each country. He stressed that the existent precedence is to heighten economical stableness and amended medium-term maturation prospects.

Dr. Azour affirmed the IMF's committedness to supporting Middle Eastern and North African economies, highlighting that the Fund has provided US$13.4 cardinal successful backing to the region, including Pakistan, this year. He projected a humble economical maturation betterment successful 2025, expecting the maturation complaint to emergence from an mean of 2.1 percent this twelvemonth to 4 percent adjacent year.

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