The UAE Minister of Economy, Abdullah Al-Marri, explained that "despite the World Bank and the Central Bank's expectations that the UAE economy will grow between 3.5 to 4 percent last year, it has achieved a growth of 7.6 percent, thanks to government policies and leadership directives."
"The UAE aims to double the size of the economy from AED 1.5 trillion to AED 3 trillion in 2031, and to achieve this goal, it is necessary to achieve a GDP growth rate of 7 percent annually," Al Marri said. The UAE ranked third globally in stable inflation, according to the 2022 Competitiveness Yearbook report, issued by the International Institute for Management Development in Switzerland. The inflation rate in the UAE has taken a general trend of escalation during the quarter of the years 2020-2022, after it contracted during the first and second quarters of 2021, respectively, -1.65 and -0.48%. Inflation in consumer spending prices began to appear, so inflation rates rose from 0.57 percent during the third quarter of 2021, also rising during the fourth quarter of 2021, to 2.31 percent.
Source (Al-Rai Kuwaiti Newspaper and the Gulf UAE, Edited)
