Several economic officials and analysts have affirmed that the outlook for the UAE economy is highly positive despite global headwinds.

The country’s real gross domestic product (GDP) is expected to grow 3.7 per cent this year, higher than the 2.9 per cent forecast for 2018 and the 0.8 per cent growth achieved in 2017, according to the latest economic outlook figures from the International Monetary Fund (IMF).

Speaking to the Emirates News Agency, Juma Mohammad Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, said geopolitical developments are unlikely to moderate the economic growth of the UAE.

“The UAE jumped 10 places in the World Bank’s Ease of Doing Business ranking to 11th position globally in 2019 from 21st position last year to lead the Arab world for the sixth consecutive year.”

Radhwa Radhwan, an economic expert, said the UAE economy has come a long way in 2018 and survived several economic headwinds, generated by the current geopolitical developments, growing 2.8 per cent in 2018, higher than the 0.7 per cent growth achieved in 2017.

Speaking of global economic turbulences, Ali Salah, head of economic studies unit at Future for Advanced Research and Studies, said Goldman Sachs economists had dialled back their view on US economic growth from 2.4 per cent to 2 per cent in 2019.

He also referred to IMF forecasts that China’s economic growth could decline to 6.1 per cent in 2019 from 6.6 per cent in 2018.

Randa Abbas, economic lecturer at the Emirates Diplomatic Academy, said the global economy is going through a state of volatility due to the economic policies adopted by some major economies. – Wam

Source : Khaleej Times