UAE Minister of Economy Abdullah bin Touq revealed that the UAE's GDP grew by 7.6 percent in 2022.
The International Monetary Fund (IMF) had predicted that the UAE's economy would grow by 5.1 percent in 2022, while Moody's had predicted real GDP growth for the UAE between 6 and 7 percent in 2022.
A recent “Reuters” poll showed GCC economies growing this year at half the rate of 2022 as oil revenues were hurt by expectations of a moderate global slowdown. Crude oil prices, the main driver of Gulf economies, have fallen by more than a third from last year's highs and are expected to remain under pressure this year on fears of weakening demand due to a recession in major economies. Overall growth in the six GCC economies is expected to average 3.3 percent this year and 2.8 percent next year.
Source (Al-Arabiya.net, Edited)
