ALBAWABA – The World Bank (WB) projected a 2.8 percent growth rate for the United Arab Emirates (UAE)’s real economy, real GDP, in 2023, according to the Emirates News Agency (WAM).
UAE’s non-oil sector is also expected to grow by 4.8 percent, the WB projected, driven by domestic demand. Particularly in tourism, real estate, construction, transportation, and manufacturing sectors.
The World Bank held a press conference in Dubai, on Wednesday, announcing the release of the new World Bank Gulf Economic Update (GEU).
The report is entitled "The Health and Economic Burden of Non-Communicable Diseases in the GCC".
More so, the report anticipated a 6.2 percent surplus in public finances in 2023, WAM reported.
Overall, the economies of the Gulf Cooperation Council (GCC) are projected to grow by 2.5 percent in 2023 and 3.2 percent in 2024.
The region had a remarkable GDP growth of 7.3 percent in 2022, which was fuelled by a strong increase in oil production for most of that year, the news agency explained.
