The World Bank predicted that the UAE's economy will grow by 4.1 percent, indicating that the expected growth rate is very good in light of the difficult global economic conditions.
According to the World Bank, the UAE economy performed well last year and is expected to continue the same performance in 2023. The World Bank attributed the expected growth of the UAE economy to a number of incentives, foremost of which are government efforts to diversify the economy, an attractive business environment, ease of doing business, and advanced infrastructure.
According to the World Bank report, higher oil exports, coupled with a rebound in demand for non-oil sectors, are expected to lead to real GDP growth of the UAE by 4.1 percent in 2023.
In parallel, the World Bank's forecast for the global economy has fallen significantly from 3 percent in June to 1.7 percent, according to the latest estimates, while GCC economies are expected to grow by 3.7 percent in 2023.
Source (Al Khaleej Newspaper, UAE, Edited)
