The International Monetary Fund expects the UAE economy to grow by 4% in 2024

Washington, May 20 / WAM / The International Monetary Fund expects the real GDP of the United Arab Emirates to grow by 4% in 2024.

The International Monetary Fund said, in a statement today, on the occasion of the conclusion of a team of its experts’ visit to the UAE regarding Article 4 consultations for the year 2024, that economic growth in the United Arab Emirates is broad-based, and is led by strong activity in the tourism, construction, manufacturing and financial services sectors.

The Fund also expected that the UAE’s fiscal and external surpluses would remain high against the backdrop of the relative rise in oil prices.

According to the International Monetary Fund, the general government surplus is expected to reach about 5% of the UAE’s GDP in 2024, while the current account surplus is estimated to reach about 10% of the GDP for the same year.

The IMF noted that banks in the UAE possess large capital and liquidity reserves in general.