In a special statement to the Emirates News Agency, Issam Abu Suleiman, the regional director of the Gulf Cooperation Council states at the World Bank, predicted that the UAE’s GDP would increase by 5.9% in 2022, with an increase in oil production of 9.2% and non-oil output of approximately 4.6%.
In remarks made on the sidelines of a press conference he organised in collaboration with the Department of Economic Development in Abu Dhabi, he stated that expectations place the growth of the United Arab Emirates’ GDP at 4.1% in 2023, with oil production expected to increase by 2.7% and non-oil output at about 4.7%.
In addition to the gradual recovery of non-oil industries, he anticipated that the increase in oil income would improve the UAE’s financial revenues, resulting in a financial surplus of roughly 4.4% of GDP in 2022 and a financial surplus of about 5% in 2023.
According to Abu Suleiman, the UAE’s current account surplus will reach 11.2% of GDP in 2022 and then increase to 11.3%.
9 percent in 2023, with a significant contribution from the recent bilateral free trade agreements the UAE negotiated with Asian partners.
He explained that the Gulf Cooperation Council countries witnessed a strong economic recovery after the Corona epidemic, in 2021 until this year, in addition to their success in strengthening their public financial centers and the current account after being severely affected in 2020.
Reducing restrictions related to the Kofid-19 pandemic, along with encouraging developments in the oil markets, according to the regional director of the Gulf Cooperation Council at the International Bank, contributed to the achievement of robust recovery cases over the past two years in all of the GCC countries.
He predicted that the rise in oil and gas prices would lead to a strong dual surplus in the region during 2022 and over the medium term. He also predicted that the GCC countries’ external surplus would increase to 17.2% of GDP in 2022 and 14.6% in 2023, while the GCC countries’ public finances balance is predicted to record a 5.3% GDP surplus in 2022, the first surplus since 2014.
In view of the outstanding performance seen so far this year, he noted, it is anticipated that the economies of the Gulf Cooperation Council countries would rise by 6.9% in 2022, and that the GCC countries’ combined gross domestic product will hit a trillion dollars in that year, rising to $6 trillion. By 2050..
According to the World Bank, the UAE’s economy would expand by 5.9% in 2022.
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