UAE Demonstrates Economic Resilience Despite Global Challenges, Says IMF Official
In a recent statement, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), commended the UAE’s strong economic performance in the face of global challenges. Azour noted that the UAE has achieved notable growth rates, surpassing other economies in the region with a growth rate exceeding 4%.
Azour particularly highlighted the impressive performance of the UAE’s non-oil sector, which has significantly contributed to the country’s economic resilience. He attributed this success to the UAE’s strategic focus on economic diversification, which has enhanced the efficiency of the private sector.
Speaking at the World Governments Summit (WGS), Azour emphasized the importance of the event and the IMF’s strategic partnership with it. He mentioned the Annual Arab Fiscal Forum held in collaboration with the Arab Monetary Fund, where Arab finance ministers and central bank governors discuss financial and economic prospects in the region.
The WGS this year is centered around climate finance, artificial intelligence, and international cooperation. The IMF has also released several studies as part of the summit’s activities.
When discussing his economic outlook for the Middle East region, Azour mentioned a slight downward revision in the IMF’s forecasts for 2024. This revision is due to geopolitical tensions and temporary reductions in oil production. However, despite these challenges, the IMF expects the Middle East and Central Asia economies to grow by 2.9% in 2024, with a further increase to 4.2% in 2025.
Azour highlighted the varied performance expected across the region’s economies in 2024, with uneven growth projected. Nevertheless, he pointed out positive signs, particularly in non-oil growth, and expressed expectations of a decrease in global inflation rates in 2024.
The UAE’s strong economic performance, driven by diversification and resilience in the face of global challenges, demonstrates the country’s ability to navigate uncertain economic landscapes. As the UAE continues its commitment to economic diversification and strategic partnerships, it remains well-positioned to sustain growth and weather future challenges.
