14/11/2018 08:27 AST

The UAE economy is projected to grow at 2.9 per cent in 2018 and 3.7 per cent in 2019 against an estimated growth of 0.8 per cent, according to the latest regional economic outlook report from the International Monetary Fund (IMF).

“Growth projections are based on the significant increase in oil prices and the progress the country has made in fiscal adjustments on both revenue and expenditure side. Going forward, we expect the improved government revenues to reflect on the growth in non-oil economy,” said Jihad Azour, director, Middle East and Central Asia Department of the IMF.

The IMF projects strong growth revival in both Abu Dhabi and Dubai in next two years. In 2018, Abu Dhabi’s GDP is projected to grow by 2.7 per cent and in 2019 by 3.4 per cent, against a-0.5 per cent growth in 2017.

Dubai’s GDP is projected to grow at 3.3 per cent in 2018 and 4 per cent in 2019 compared to a 2.8 per cent growth recorded in 2017.

“Recent oil price increase is yet to trickle down to private sector growth in the UAE and Saudi Arabia. With fiscal and structural reforms already set in motion, it is an opportune time for encouraging growth in non-oil private sector,” said Azour.

The IMF observed that higher oil prices and slower pace of fiscal consolidation are boosting near term growth prospects for the region’s oil exporters. GDP growth for oil exporters is projected at 1.4 per cent in 2018 and 2 per cent in 2019.


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