The oecd economic outlook is the oecds twiceyearly analysis of the major economic trends and prospects for the next two years. The uae is forecast to achieve an average real gdp. Over the course of 2019, the uaes oil and nonoil forecast gdp growth rate has been revised down on the back of regional geopolitical tensions, opec led. A possible transfer of power in abu dhabi from the current ruler, who is in poor health, to the crown prince will go smoothly. 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. As challenges grow tougher, jobs get more complicated, and expectations of business and deloitte grow, the connections we make will be more important than ever. This follows a number of other announcements over the last few weeks including a new stimulus package for abu dhabi. Restrictions on movement of people, goods and services, and containment measures such as factory closures have cut manufacturing and. Uae economic growth momentum at turning point, says imf around 3 per cent growth rate forecast for 202021 on expo, government stimulus and higher oil prices dark clouds over the the springs, dubai. Recovering economy and resilient financial fundamentals drive stable outlook, is now available on. The international monetary fund expects the united arab emirates economic growth to nearly triple next year as the countrys largest sheikhdom, abu dhabi, benefits from an expected recovery. Imf forecasts faster uae growth driven by expo 2020. Oecd ilibrary oecd economic outlook, volume 2018 issue 1.
Uae economic growth set to double news khaleej times. World bank doing business 2018, world economic forum global competitiveness index 201718. Over the last 4 years since 2016, the uae economy is deploying all the efforts to return and sustain the 3. 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. Economic conditions are projected to improve in 2020 due to the global recovery and. Kuwait, oman, qatar, saudi arabia and the united arab emirates, has. The economy of sharjah has a relatively diverse production base and is not directly dependent on oil and gas. Economic diversification and a strong business environment will remain policy priorities. Widespread geopolitical tensions, social unrest and weak health systems pose downside risks. The economy of the united arab emirates or uae is the second largest in the middle east after saudi arabia, with a gross domestic product gdp of usd 414 billion aed 1. The uae economy is expected to pick up growth momentum by 2020, driven by higher public spending in abu dhabi and the emirates strong credit profile on the back of the countrys stable. Downward pressure on oil prices, airtravel demand and tourism levelswith the key expo 2020 event at riskwill all hit growth prospects. United arab emirates a new growth model is needed iif. The main downside risks to the outlook include lower oil prices and.
United arab emirates economic forecasts 20202022 outlook. Moodys subscribers can access this report via the link at the end of this press release. Abu dhabi and dubai announce packages to bolster economic activity, published on 7 june 2018. Global gdp growth is poised to rise moderately from 3. On an annual basis, in 2019, the conference board global economic outlook 2019 projects the aggregate global growth to slow slightly to 3.
Cio office investment outlook 2018 best bank in dubai. The united arab emirates economic freedom score is 76. Global growth is projected to rise from an estimated 2. The uae s economic outlook remains stable, despite a slowing global economy, trade disputes, softer energy demand and heightened geopolitical tensions, according to research published by the. Industrial development in the united arab emirates 64 v. The gcc in 2020 outlook for the gulf and the global economy. We intend to remain overweight equities for the first half of 2018 and will continue to focus on the technology sector, which presents. Despite extensive stimulus measures, the economy will contract in 2020, given slumping oil prices and the impact of the coronavirus. Coverage is provided for all oecd member countries as well as for selected nonmember countries. Uae to gain economic momentum in 2020 on abu dhabi.
Uae economy of a potential agreement to renegotiate the nuclear deal. Meanwhile, interest rates in the uae interbank witnessed a downward trend in 2019 q3 in line with current and future expectations of the us. The positive outlook for asiapacific is linked to an improved outlook for chinas economy. Assuming no major disruptions, a gradual slowdown seems most likely. The report, banking system outlook united arab emirates. 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. Middle east recovery blown off course as coronavirus spreads published 23 march 2020. Sharjahs economic outlook the emirate of sharjah, the uae s 3rd largest emirate both in terms of economy and population, has shown an average gdp growth of 6% a year from 2010 to 2015. Sharjahs economic outlook, united arab emirates, snapshot. Due to occasional changes in methodology and data, the world bank no longer compares rankings between years, as we do here. Armani hotel, dubai agenda day one tuesday, december 16th 09.
Libya, oman, qatar, saudi arabia, the united arab emirates, and outlook. Uae economic growth momentum at turning point, says imf. Firstly, the trajectory of the global economy, which seems to be slowing and faces challenges from the. United arab recent developments gres and higher fees. Regional economic activity will be depressed this year. Emirates nbd research provides detailed coverage of 16 gcc and mena economies, analysing them from a top down macro and strategic perspective as well as by a bottom up sector by sector approach. Over the course of 2018, the central bank of the uae s overall augmented economic. Imf, world economic outlook, october 2018, dubai statistics center. Table 2 united arab emirates macro poverty outlook indicators annual percent change unless indicated otherwise 2016 2017 e f f f s 0 8 6 6 0 2 on 6 3 5 0 1 3 on 1 4 0 5 6 8 t 86 0 2. Dubai 2017 2016 overview and 2017 outlook the eiu forecasts that real gdp growth in the uae will rebound in 2018, averaging 3. Uae and some of the worlds economic giants such as the united states, the uk. Oil outlook hinges on june meeting aside from the geopolitical developments, the outlook for oil for the rest of the year hinges on two things. The uae will have achieved abu dhabi economic vision 2030, environment vision 2030 abu dhabi, plan abu dhabi 2030, abu dhabi transportation mobility management strategy, surface transport master plan abu dhabi, dubai autonomous transportation strategy, dubai industrial strategy 2030, dubai 3d printing strategy and uns 2030 agenda. Strategic location, strong financial reserves, large sovereign wealth fund, promising investor home economies, consistent government spending, progressive policy of economic diversification, free zones and increased foreign direct investment contribute to the uae s robust economy.
In the region, iran will be the worst hit country, contracting 6. Table 2 united arab emirates macro poverty outlook indicators. Economic diversification with an aim to reduce the contribution from the oilrelated sectors for example, abu dhabi aims to reduce such contribution from over 50% of its gdp in 2011 to 36% in 2030, the uae strives to diversify its economy by developing trading, financial. Measures to contain the covid19 outbreak will weigh heavily on domestic activity, while external demand will be limp. 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. The research is an update to the markets and does not constitute a rating action. Coronavirusrelated economic disruptions are the key risks to the outlook. Initial estimates from the uae central bank show that the uaes gdp increased by 2. The outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances. Economic performance takes a turn for the worse as virus hits trade and tourism. 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. Real estate has long been a key economic driver for the uae and will continue to be in this year, writes ahmed alkhoshaibi, ceo, arada launching in 2019 the business park in aradas aljada development. Join us for a celebration of 175 years of making an impact that matters. 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 dubai s hosting of expo 2020 expected to draw in 25 million visitors.
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. The economy continues to experience a slowdown in economic growth as a result of low oil prices. For further details, please see our recent note uae economic update. Macroeconomic overview the united arab emirates gdp increased by 0. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uae s growth to recover slowly, averaging 2. Sami al qamzi, director general, dubai department of economic. The impact of the covid19 outbreak on economic prospects is severe growth was weak but stabilising until the coronavirus covid19 hit.
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