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UAE economy to grow faster until 2024

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US think-tank says UAE GDP will grow 2.3% in 2021, 3.0% in 2022, 3.4% in 2023 and 3.5% in 2024

The UAE economy will post faster growth each year over the next three years, helped by a range of pandemic containment measures, accommodative monetary policy, and a resilient banking system.

The IIF expects modest economic recovery in 2021 with real GDP growing by 2.3 %, following a contraction of 5.7 % in 2020. The Washington DC-based institute predicted three per cent growth for the next year, 3.4 % for 2023 and 3.5 % a year later.

Expansionary fiscal stance

The UAE can afford a modestly expansionary fiscal stance in 2021 given its large financial buffers, spare capacity, and a partial recovery in oil prices.

The reprioritization of spending helped limit the fiscal deficit to 7.3 % of GDP in 2020.

Elaborated by IICUAE, to see full article, click below.

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