UAE shows economic resilience in face of global challenges, says IMF official

Dubai: Jihad Azour, IMF’s Middle East and Central Asia Director, praised UAE for its economic strength and resilience at the World Governments Summit. He noted UAE’s growth rate surpassing 4%, attributing it to a robust non-oil sector and diversification efforts, bolstering the private sector.

Azour emphasized the importance of the summit, highlighting IMF’s collaboration, including the Arab Fiscal Forum discussing regional economic prospects. WGS themes encompass climate finance, AI, and global cooperation, featuring IMF studies.

Azour revised Middle East’s 2024 economic forecast, citing geopolitical tensions and oil production reductions. IMF projects 2.9% growth in 2024 and 4.2% in 2025 for the region, with global growth expectations at 3.1% in 2024 and 3.2% in 2025.

He noted varied regional economic performances in 2024, with steady non-oil growth amid anticipated global inflation rate declines.

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UAE shows economic resilience is about UAE shows economic resilience