The Institute of Chartered Accountants in England and Wales, "ICAEW" expected in a recent report on the economy of the Middle East, that the economy of the United Arab Emirates will grow by 2.2% in 2020, compared to a growth of 1.9% in 2019.
According to the report, the UAE, unlike other countries in the region, produced more oil last year compared to 2018 when it pumped at a steady pace of about 3.1 million barrels per day, up from 3 million barrels in 2018.
The growth of the oil sector is a positive contribution, as it witnessed an increase of about 2.5% on an annual basis last year, and we are expecting a gradual increase in oil production in 2020. The Institute maintained its expectations regarding the growth of non-oil output at 2.8% in 2020.
On the other hand, the UAE maintained its Middle Eastern lead and succeeded in progressing two ranks globally among the most transparent and fair countries in the world, within the Transparency International Corruption Perceptions Index for 2019 issued by the organization, with an improved rating awarded to it from 70 to 71 points.
Source (Al-Khaleej Newspaper - UAE, Edited)
