Page 257 - MOE ENGLISH PR REPORT - FEBRUARY 2024
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3/4/24, 5:24 PM UAE economy to grow by 5% in 2024, minister reiterates
The minister added tha t the private sector is a key pillar in the new economic
and investment landscape and is at the heart of global changes and challenges.
“In implementation of the directives of the wise leadership, the UAE has
identied the most sustainable and
exible economic sectors, which have
reache d more tha n 16 sectors, including health technology, agriculture,
education, nancial services, articial intelligence, and other sectors that
contribute to the sustainability of economic sectors and enhance the strength
of the national economy,” Al-Marri highlighted.
Earlier thi s month, the Undersecretary of the Ministry of Finance Younis Haji Al
Khoor i said tha t the entity’s expectations come despite prevailing global
economic cha llenges, including international nancial slowdown and dicult
monetary conditions.
In statements to WAM at the time, he explained: “Our eorts to diversify the
economy and promote sustainable growth have proven eective. The country
expects non-oil GDP growth to reach 5.9 percent in 2023 and to grow by 4.7
percent growth in 2024.”
In January, Tatiana Le skova, associate director of corporate ratings at S&P
Global, also said to WAM tha t the growth in the UAE’s gross domestic product,
particularly in Dubai, will be driven by strong momentum in the hospitality,
who lesale, retail, and nancial services sectors.
S&P Global ha d previously forecasted that the global GDP is projected to expand
by 2.8 percent in 2024.
Le skova furthe r noted at the time that UAE’s output expanded by over 3 percent
in 2023, at a moment whe n the global economy showed minimal growth.
Meanwhi le, the International Monetary Fund has also previously conjectured a 4
percent growth in the UAE’s GDP.
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