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22 April 2024

Positive outlook for UAE economy in 2019: Report

Photo: File

By Wam

A number of economic officials and analysts have affirmed that the outlook for the UAE economy is highly positive despite global headwinds.

The country’s real gross domestic product (GDP) is expected to grow 3.7 percent this year, higher than the 2.9 percent forecast for 2018 and the 0.8 percent growth achieved in 2017, according to the latest economic outlook figures from the International Monetary Fund (IMF).

Speaking to the Emirates News Agency, Juma Mohammad Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, said geopolitical developments are unlikely to moderate the economic growth of the UAE, a trend in line with IMF projections of strong growth in the country in 2018 and 2019.

"The positive outlook for the country’s economy has been affirmed by the advanced ranking across several global competitiveness indices" he said.

"The UAE jumped 10 places in the World Bank’s Ease of Doing Business ranking to 11th position globally in 2019 from 21st position last year to lead the Arab world for the sixth consecutive year. The country is fast closing in to become one among the top 10 in the Ease of Doing Business ranking of 190 countries by the World Bank."

He added that UAE jumped in the competitiveness rankings in 2018, after having made tremendous progress in the last few years. "The country was the most competitive economy in the Middle East & North Africa region, according to the IMD World Competitiveness Center," he added.

Radhwa Radhwan, an economic expert , noted that the UAE economy has gone a long way in 2018 and survived several economic headwinds, generated by the current geopolitical developments, growing 2.8 percent in 2018, higher than the 0.7 percent growth achieved in 2017.

She in this respect cited the IMF forecasts for the UAE economy to grow 3.7 percent this year.

Speaking of global economic turbulences, Ali Salah, Head of Economic Studies Unit at Future for Advanced Research and Studies said Goldman Sachs economists on dialed back their view on U.S. economic growth from 2.4 percent to 2.00 percent in 2019.

He also referred to IMF forecasts that China’s economic growth could decline to 6.1 percent in 2019 from 6.6 percent in 2018.

Randa Abbas, economic lecturer at the Emirates Diplomatic Academy said that the global economy is going through a state of volatility due to the economic policies adopted by some major economies as a result of which the IMF and WTO altered its future outlook for the global economy.