IMF Forecasts UAE Economic Growth of 5.1% in 2025
The International Monetary Fund (IMF) has maintained its forecast for the United Arab Emirates‘ gross domestic product (GDP) growth at 4% in 2024, with economic growth expected to accelerate to 5.1% in 2025.
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In its World Economic Outlook report, released on Tuesday during the IMF and World Bank meetings in Washington, the IMF predicted that growth in the Middle East and Central Asia region would reach 2.4% this year and rise to 3.9% in 2025, as temporary disruptions in oil production and shipping operations are expected to dissipate. The fund also expects oil prices to increase by 0.9% in 2024, reaching around $81 per barrel.
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Pierre-Olivier Gourinchas, the IMF’s chief economist, said on Tuesday that progress in curbing inflation was more noticeable in advanced economies like the United States, while it will take longer in regions such as the Middle East and Sub-Saharan Africa, which are facing price increases in the double digits.
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Gourinchas added during a press conference that recession risks in the U.S. are diminishing due to the strong economic performance driven by improved productivity and the availability of labor, thanks to the influx of migrants.
