Tuesday, February 28, 2023 – 6:16 PM
From: Ramy Samih.
ABU DHABI, 28th February, 2020 (WAM) — Issam Abu Sulaiman, Regional Director for the Gulf Cooperation Council at the World Bank, affirmed the bank’s expectations for the growth of the UAE economy by 4.1%, indicating that the expected growth rate is very good in light of the difficult global economic conditions.
Abu Suleiman said, in statements to the Emirates News Agency, WAM, on the sidelines of the Abu Dhabi Economic Summit: “The UAE economy has achieved good performance in the past year, and we expect to continue with the same performance in 2023.”
Abu Suleiman attributed the expected growth of the UAE economy to a number of incentives, foremost of which are government efforts to diversify the economy, an attractive business environment, ease of doing business, and advanced infrastructure.
According to a World Bank report issued last October, it is expected that the increase in the volume of oil exports, in addition to the recovery in demand for non-oil sectors, will lead to a growth of the real GDP of the UAE by 4.1% in 2023.
Issam Abu Suleiman explained that the World Bank’s expectations for the global economy decreased significantly from 3% last June to 1.7%, according to the latest estimates issued, while the economies of the Gulf Cooperation Council countries are expected to grow by 3.7% in 2023.
The Regional Director for the Gulf Cooperation Council at the World Bank stressed the importance of the Abu Dhabi Economic Summit, especially as it brings together many policy makers and prominent specialists in the fields of business, finance and technology from around the world, in a move aimed at opening new horizons for growth and development.
Abu Suleiman pointed out that the Abu Dhabi Economic Summit focused on drawing new features of the global economic scene, standing on the most prominent economic changes witnessed in the past five years, and examining strategies and solutions to take advantage of the latest promising trends, including digitization and sustainability, in addition to the role of the private sector in trade and investment. Which is a major driver of economic growth.
Ahmed Al Botli / Ramy Samih
