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28.07.24 16:16

Economy

Analysts forecast the UAE economy to grow by 6.2 per cent in 2025

This will be facilitated by the implementation of strategic initiatives by the Emirati authorities

The UAE economy will grow by 3.9 per cent in the current year 2024 and by 6.2 per cent in 2025. This was reported by Emirates News Agency (WAM), a partner of TV BRICS, citing data from the Arab Monetary Fund (AMF).

Analysts claim that the positive trend in the UAE economy is driven by continued growth in tourism activity, a revival in the property market, and international trade.

The fund's report also notes that the country's financial system is showing strong fundamentals, supported by a vibrant non-oil sector and solid government and monetary policies.

The Emirates' economic position is largely dependent on its strategic initiatives to consolidate its position as a global centre of trade and finance, continuous infrastructure development, a strong regulatory framework that attracts foreign investment, and an emphasis on innovation, growth, and technology-based sectors.

The report explains that the UAE experienced significant economic growth of 7.5 per cent in 2022, driven by successfully overcoming the challenges that emerged after the COVID-19 pandemic.

Photo: iStock

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Prabowo Subianto

President of Indonesia

"This roadmap sets the framework for our joint efforts. Indonesia and Belarus have great potential for expanding cooperation in various fields. Our cooperation will focus on industrial development and agricultural modernisation. In industry, we see a major opportunity to increase trade volumes, investment, and cooperation between our two countries. We are also pushing for closer collaboration in culture and human resource development"

Liao Fan

Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS)

"We also encourage countries of the Global South to work together and contribute to the global economy. We also call on developed countries to set aside issues such as national security and strategic competition when we are discussing real global challenges – pressing issues such as public health or poverty reduction – so that development resources can be channelled truly effectively to those countries that need them. [...] Major powers and large countries must bear greater responsibility for the well-being of people around the world. This is the responsibility of the major powers"

Anutin Charnvirakul

Prime Minister of Thailand

"Russia has been a trusted friend of Thailand for over a century. […] Next year, we will mark the 130th anniversary of the establishment of diplomatic relations between our countries. We will commemorate this important milestone with high-level exchanges, thereby reaffirming our shared commitment to an even stronger partnership for the benefit of our peoples"

Ferdinand Marcos

President of the Republic of the Philippines

"First, peace, security and stability. [...] We need our joint efforts to contribute to peace and security and to respond promptly to all threats. Second, a more dynamic economic partnership. Our areas of cooperation in trade are developing. We need to act more ambitiously and decisively in order to facilitate trade, economic flows and the expansion of the business community. [...] And third, perhaps one of the most important areas, is our peoples, grants, student exchanges, academic partnerships and tourism. [...] The relationships that are being built between our countries are reflected in the summit declaration, and they provide what policy alone cannot achieve"

Anwar Ibrahim

Prime Minister of Malaysia

"The relations in the last few years have been remarkable. We have seen impressive development, and my visit was – you were fantastic. We see the enormous role that Russia can play not only in Malaysia but also in the developing world, ASEAN and the rest. We are exploring this halal economy and finance. We are now almost finishing the visa abolition arrangement. [...] And then you have also agreed to these flights for tourism, for trade, and connectivity between Malaysia, Moscow, Kazan, and other cities in Russia"

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