The World Bank expects the UAE to witness an economic recovery in the coming year and next, against the background of rising world oil prices and to record economic growth of 3.1 percent over the next two years. According to the World Bank's "Economic Monitoring of the Gulf States" report, the UAE will achieve financial stability by 2020, with growth expected at the end of the current year at 2 percent.
The bank expects the UAE's fiscal deficit to shrink substantially and turn it into a surplus of 0.5% of GDP by 2020, and strong revenue growth due to higher oil prices and VAT revenues. He pointed out that the UAE recovered from the slow growth last year when the non-oil sector recorded a growth of 3.3% in the first quarter of this year due to the positive impact of the sentiment in the economic community resulting from the rise in international oil prices and the improvement in the global economic conditions.
Source: (Economic Bulletin website, Edited)
