United Arab Emirates: 2022 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Middle East and Central Asia Dept.

Volume/Issue: Volume 2023 Issue 223

Publication date: June 2023

ISBN: 9798400245381

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Topics covered in this book

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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Environmental Economics , Environmental Conservation and Protection , reform effort , manufacturing sector producer price index , transparency policy , UAE's productivity , liability positions vis-à-vis nonresident , inflation dynamics in the UAE , Climate finance , Oil prices , Climate change , Global

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Summary

The 2022 Article IV Consultation highlights that United Arab Emirates (UAE) economic growth strengthened in 2022, benefitting from a rapid and effective coronavirus disease response, supportive fiscal measures, and the benefits of earlier social and business-friendly reforms. The economic outlook remains positive, supported by strong domestic activity. Overall, gross domestic product is projected to grow at 3.6 percent in 2023, with non-hydrocarbon growth of 3.8 percent driven by continued tourism activity and increased capital expenditure. Strong reform efforts continue under the UAE 2050 strategies. Advancement on Comprehensive Economic Partnership Agreements will boost trade and integration in global value chains and further attract Foreign Direct Investment. In addition, the benefits of artificial intelligence and digitalization and investments in enabling infrastructure will further support economic diversification, foster a smooth energy transition, and help address vulnerabilities from global decarbonization efforts. Long-term vulnerabilities from global decarbonization efforts are being addressed through commitments to climate initiatives and a balanced approach to energy transition.