It is expected that uaes gdp will grow between 4 to 5 per cent. The united arab emirates economic freedom score is 76. Mar 23, 2015 budget expenditure uae cabinet approved aed 49. In concluding the 2015 article iv consultation with the united arab emirates, executive directors endorsed staffs appraisal, as follows. Recent developments uae s real gdp growth is estimated to have recovered from 0. Table 2 united arab emirates macro poverty outlook indicators annual percent change unless indicated otherwise 2015 2016 2017 e 2018 f 2019 f 2020 f real gdp growth, at constant market prices 3.
Aug 10, 2016 the overall economic outlook of uae looks resilient, offering great avenues of investment for local as well as international investors in midtolong term period. In 2016, qatar is projected to have the highest nonoil sector growth at 8%, followed by the uae at 4%. Uae and some of the worlds economic giants such as the united states, the uk, the european union. Ali majed al mansoori, chairman, abu dhabi department of economic development. Outlook for the gulf and the global economy is a white paper written by the economist intelligence unit and sponsored by the qatar financial centre qfc authority. The nordouest region has been particularly affected with a poverty rate of 28. United arab emirates economic outlook focuseconomics.
Uae economic outlook 2015 towards a knowledge based economy date. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2. The gcc in 2020 outlook for the gulf and the global economy. United arab emirates economic forecasts 20202022 outlook. It is also expected that the growth rate of the economic eurozone will improve in 2015 to 1. Such contribution includes banking, tourism, commerce and real estate. Gdp contribution from the nonhydrocarbon sector is projected to grow at 6. The duration of the outbreak and its impact on the global flow of people and trade present considerable downside risks to the outlook. The report also highlights significant allocations from the 201718 budget to various sectors of the economy.
Agriculture, accounting for 32% of gdp, also contracted in 2019, due to shortages of inputsespecially fuel. This page has economic forecasts for the united arab emirates including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the the united arab emirates economy. Healthcare on the home front healthcare has proven to be one of the most resilient sectors in the uae despite the current economic downturn. United arab emirates economic growth the economy is projected to contract this year as both the oil and nonoil sectors shrink amid dissipating global demand. Uaes gdp has now exceeded 1 trillion dirhams, from 11 billion dirhams in 1973, depicting a rate of economic expansion that has exceeded even that of singapore. Dubai uae economy will continue to remain attractive in 2017 amid recovering oil prices and growth in public and private sector activities. Outlook for uae economic growth improves, poll says. The world economic outlook weo is a survey by the imf staff. Imf, world economic outlook, apr 2018 % change yoy fig.
United arab recent developments emirates monetary policy is. Distribution of employment in the united arab emirates in 2014, by economic sector graph. Industrial development in the united arab emirates 64 v. The oecd economic outlook includes for the first time projections up to 2020. Maryland composition cataloginginpublication data joint bankfund library world economic outlook international monetary fund world economic outlook. Real gdp growth will pickup in 2020 with the hosting of expo 2020, and higher oil prices. For any feedback about dubai ded services please click here.
Can the uae avoid the oil curse by economic diversification. Armani hotel, dubai agenda day one tuesday, december 16th 09. Figure 1 united arab emirates annual gdp growth rate. It is expected that the federal budget will remain in surplus through 2012 at an average of 1% of gdp and that the government debt will fall from an estimated 44. Emirates palace, abu dhabi etihad ballroom 1 agenda 09. After outpacing the rest of the gcc in economic growth in 2017, the uae is set to almost double its expansion rate in 2018, the latest report by a panel of economists reveals. United arab emirates, where the dubai index rose by more. The uaes economy continues to slow down as a result of low oil prices and fiscal consolidation weighing on nonoil growth. The uae will remain politically stable in 202024 despite rising regional tensions centred on iran. The breakdown of the budget shows that 49% of total budget aed 24 billion will be spend on social development and social benefit, 41% aed 20 billion on government affairs and 3. Table 2 united arab emirates macro poverty outlook indicators. United arab recent developments gres and higher fees.
Chapter i global economic outlook prospects for the world economy in 20152016 global growth prospects the global economy continued to expand during 2014 at a moderate and uneven pace, as. The imf ascribed uaes potentially strong economic growth in world economic outlook report to the increased contribution of nonpetroleum sectors, which registered a growth average of more than 6% in 2014 and 2015. This report examines the uae and some of the worlds economic giants such as the united states, the uk, the european union, china, japan and other asian countries which are experienced in terms of readiness in managing risks and global economic shifts in the future. Kuwait, oman, qatar, saudi arabia and the united arab emirates, has undergone rapid.
One of the main lessons of the recent global economic crisis for the emerging market economies. Uae economic outlook positive 2017 2020 research konnection. Oil production capacity is expected to increase and the strength of the nonoil economy will boost prospects particularly later in the forecast period as megaproject implementation ramps up ahead of dubais hosting of expo 2020 expected to draw in 25 million visitors. The kenya economic outlook 2017 report provides an overview of kenyas economic environment and key sectors. Sultan bin saeed al mansouri uae minister of economy 10. Xx growth in volume of exports of goods and services growth in volume of exports of goods and services real gdp growth source. Austerity measures weakened business and consumer confi. Uae economic growth set to double news khaleej times. Low oil prices have prompted the uae to cut expenditures, including on some social programs, but the uae has sufficient assets in its sovereign investment funds to cover its deficits. Macroeconomic performance and outlook real gdp contracted in 2019 by an estimated 2.
However, the drivers of economic growth do not withstand the external shocks of the global economic slowdown. The imf said in october that the uae projected a 2. World economic outlook international monetary fund. Following its brief economic recession in the year prior, related to the global economic crisis, the uae returned to surplus in 2010. In its regional economic outlook, the imf projected gcc economic growth at just 0. Uae weathers challenges abu dhabi has been not idle in the face of lower oil prices, continuing to cut spending and to consolidate key sectors of the economy the business. The nordouest region has been particularly affected with a poverty rate. As the worlds largest producer of gum arabic, sudan will continue to depend on agriculture 32% of gdp in 2019 to boost its exports, generate foreign. Sudan economic outlook african development bank building. Middle east and central asia reo, covering countries. United arab emirates economic indicators moodys analytics.
The uae has the worlds third highest gdp per capita in purchasing power parity terms. United arab emirates and global competitiveness 2017 62 2. Emirates palace, abu dhabi agenda day one tuesday, december 8th 09. In q4 2018, however, economic momentum appears to have taken a hit due to the sharp deceleration. Political environment the economic intelligence unit eiu predicts that political. In the eurozone, it is expected that the shallow economic growth rates of about 0. Beyond 2017, overall gdp growth is expected to recover to 2. The uae is the worlds seventh largest oil producer and the production of crude oil is the most important economic activity. Economic vision 2030 program, the emirates roadmap for future economic development. Sami al qamzi, director general, dubai department of economic development.
The slowdown in the economic activity can be attributed mainly to fall in international oil prices since 2014, which has impacted the uae domestic final demand. The united arab emirates in the postglobal crisis are challenged, therefore, by a weaker global demand, but also by competition from other countries and more stringent global financial markets. The oecd economic outlook is the oecds twiceyearly analysis of the major economic trends and prospects for the next two years. Arrows for 2018 and 2019 indicate the direction of revisions since september 2018. Outlook for uae economic growth improves, poll says the. Uganda economic outlook economic indicators, news and forecasts. By the year 2021, the uae will benefit from a sustainable and diversified economy, flexible in adopting new economic models, and capitalising on global economic partnerships to guarantee longterm prosperity for current. The economic outlook is expected to moderate amid lower oil prices. The economy continues to experience a slowdown in economic growth as a result of low oil prices. The imf ascribed uae s potentially strong economic growth in world economic outlook report to the increased contribution of nonpetroleum sectors, which registered a growth average of more than 6% in 2014 and 2015.
United arab emirates june 2016 united arab emirates. Nevertheless, the uae is well on its way towards a diversified economy. The direct impact on the uae economy through airline traffic, tourism, real estate investment, and the financial sector is expected to be limited as trade with qatar accounts for less than 1 percent of the uae s total trade. Healthcare in the uae in the united arab emirates, the healthcare sector has witnessed an extended period of high growth, which is forecast to continue, driven by the gap between supply and demand. Uganda economy gdp, inflation, cpi and interest rate. United arab emirates a new growth model is needed institute of. The banking industry in the uae deloitte united states. The uaes dependence on oil is a significant longterm challenge, although the uae is one of the most diversified countries in the gulf cooperation council. The economic scenario has markedly deteriorated due to the spread of covid19, after growth accelerated to 5.
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