The UAE economy is projected to grow by 5.7 percent in 2024 despite prevailing global economic challenges, including global economic slowdown and difficult financial conditions, a senior finance ministry official said.
Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF), also said the country’s efforts to diversify the economy and promote sustainable growth have proven effective.
“The country expects non-oil GDP growth to reach 5.9 percent in 2023 and to grow by 4.7 percent in 2024,” Al Khoori told WAM.
Al Khoori also revealed that the UAE’s non-oil foreign trade hit a record AED1.239 trillion in the first half of 2023, marking a 14.4 percent increase from the same year-ago period.
Additionally, foreign direct investment (FDI) inflows to the country reached about AED83.5 billion in 2022, he said.
Al Khouri also noted that the Purchasing Managers’ Index (PMI) in the UAE climbed to 57.7 in October 2023, reaching its highest level since June 2019.
“This post-Covid-19 surge signifies the pace of recovery and the full resumption of economic activity in the country,” he said.
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