The World Bank expects the growth rate in the Middle East and North Africa to rise to 5.3 percent in 2022, supported by rising oil revenues, and structural reforms in some economies such as Egypt, Saudi Arabia and the UAE, with the general decline in the negative effects of the “Covid-19” pandemic.
According to the World Bank, the UAE economy is expected to grow by 4.7 percent in 2022, compared to 2.8 percent in 2021. While it will grow by 3.4 percent in 2023, and 3.6 percent in 2024.
The report expects the UAE to benefit from higher oil prices, while supporting reforms aimed at enhancing access to capital markets, increasing labor market flexibility, and accelerating technological innovation and economic growth in the medium term.
In addition, the World Bank cut its global growth forecast by 1.2 percentage points to 2.9 percent for 2022, the bank warned that the Russian-Ukrainian war had compounded the damage from the COVID-19 pandemic further slowed the global economy, which is now entering what could become a "protracted period of weak growth and high inflation."
Source (Emirati Gulf Newspaper, Edited)
