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United Arab Emirates
25.05.24 10:30
Economics

UAE economy to grow by 4% in 2024

Experts forecast that the UAE's business will continue to expand

According to the International Monetary Fund (IMF), sustained domestic activity and comparatively high oil prices are to blame for the UAE's GDP growth. This was reported by Arab News.

The Emirates are seeing rapid growth in domestic industries like tourism, building, and finance services, according to the IMF. Among that, The UAE's inflation rate is predicted to be kept at 2 per cent in 2024.

The building, manufacturing, and financial services sectors of the UAE's economy are growing at the fastest rates. The substantial growth in house prices and rent hikes is due in part to foreign demand for real estate, the UAE's status as a safe haven, the improvement of bilateral and multilateral relations, and the ability to raise sufficient funds domestically. 

The source also claims that fundamental changes in sectors like technology and renewable energy, as well as increased public and private investment, might further boost the Emirates' economy.

Photo: iStock

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