The real gross domestic product (GDP) of the United Arab Emirates is predicted by the International Monetary Fund (IMF) to increase by 4% in 2024. In a statement released today, the IMF noted that the UAE’s economic growth is broad-based and is being driven by robust activity in the tourism, construction, manufacturing, and financial services sectors. The visit was part of a team of IMF experts visiting the country concerning the 2024 Article IV consultations.
The IMF also projected that the relatively high oil price would sustain the UAE’s high fiscal and external surpluses.
The IMF estimates that in 2024, the UAE’s overall government surplus will be approximately 5% of GDP, while the current account surplus will be approximately 10% of GDP. Italy plans to bring the deficit below the European Union’s 3% threshold in 2026 while the debt, the second largest in the euro zone as a proportion of output, will follow a rising trend towards 140% of GDP through 2026. This year the government forecasts a primary deficit of 0.4% of GDP, narrowing from a primary deficit of 3.4% in 2023. To reduce its high pension costs, Rome should also raise the age at which people can retire.
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