The Central Bank of the UAE is planning for the country's economy to grow by 4.3% in 2024

The Central Bank of the United Arab Emirates (CBUAE) has released its new economic review, forecasting that the country's real GDP will grow by 4.3% in 2024, while it stood at 7.6% in 2022.

The UAE CB's forecast for 2023 remains at 3.9%. Oil production will decrease in line with OPEC+ agreements, but the non-oil sector of the economy will continue to grow, albeit at a slower pace.

The non-oil GDP of the UAE grew by 6.6% in Q4 2022, thanks to the high performance of the real estate, construction, and manufacturing sectors. Global events, such as the World Cup, also supported growth in the tourism and travel sector.

The UAE Central Bank forecasts that non-oil GDP will grow by 4.2% and 4.6% in 2023 and 2024, respectively. In 2023, inflation is also expected to decrease to 3.2% due to softer growth in prices for transport, food, and beverages. In 2024, inflation is expected to continue to slow down to 2.8%.

At the end of 2022, the UAE government presented a new state development strategy for the next 10 years called "We The UAE 2031". Key components of the program include education, legal reforms, and economic development.

The UAE government plans to double the GDP in the next 10 years from AED 1.49 trillion to AED 3 trillion. Additionally, the goal is to double the tourist flow to 40 million guests per year, who are expected to contribute AED 450 billion to the local economy.

Keywords: economic growth, UAE economy, GDP growth, non-oil GDP, economic forecast, development strategy, government plan, economic diversification, business opportunities, investment climate, economic indicators, macroeconomics, economic policies