Emirates palace, abu dhabi agenda day one tuesday, december 8th 09. With 189 member countries, staff from more than 170 countries, and offices in over locations, the world bank group is a unique global partnership. In its revised economic outlook report released, the imf said. In line with recovery in other parts of the region, uaes economy will continue to gain momentum in 2018, driven by an expanding nonoil sector, policy recalibration, and massive infrastructure investments. Nonoil gdp rose by only 2% in 2017, compared to an average of 4. United arab emirates gdp growth dips in 2016 as fiscal austerity bites. Regional economic outlook update for the middle east and central. According to the october 2016 world economic outlook, global growth is projected to slow to 3. The uaes economy slowed last year according to recently released figures from the federal competitiveness and statistics authority fcsa, in line with other countries across the middle east. Dec 28, 2015 economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. Finance ministers hope the package will help reduce economic pain across the 27nation bloc, especially hardesthit italy and spain.
Gdp forecast nevertheless, imf has lowered its 2015 gdp forecast for uae by one percent to 3. Economic growth slowed in the second half of 2019, according to the central banks preliminary data. The nonenergy sector was also likely solid, as the pmi averaged higher in q2 compared to q1. The latest mena economic monitor report spring 2016, expects the uae s growth to recover slowly, averaging 2. Uae construction industry outlook 2016 pr newswire. The price of crude oil, for instance, has declined by more than one third since november 2015, reaching its lowest level in 15 years. United arab emirates economic outlook october 2017. As low oil prices have persisted, the economy has slowed further, with growth projected at 2. The world economic outlook, published by the international monetary fund zimf last october, highlighted the worsening operating conditions in. Announces an expansionary budget for 2016 planned government spending increases by 12% dubai has announced an expansionary budget for 2016, with planned government spending at aed46. Beyond 2017, overall gdp growth is expected to recover to 2. In 2018, the deficit is estimated to have remained steady at 1.
Figure 2 united arab emirates government operations as share of gdp sources. To discuss the implications of global and regional economic trends and prospects for the uae economy in 2015 and beyond. In their latest research report, uae construction industry outlook 2016, rncos analysts identified the speedy economic developments that are driving construction activities and infrastructure. Goal 8 that focuses on employment and economic growth, since the sound. Innovation and entrepreneurship for sustainable growth and diversification. The uae is perfectly positioned to act as not only a middle eastern regional business hub, but global gateway. Global transactions forecast 2020 united arab emirates. Dubai 2017 2016 overview and 2017 outlook the eiu forecasts that real gdp growth in the uae will rebound in 2018, averaging 3. This has been driven by massive economic growth, development and diversification over the last decades, firmly establishing the uae as one of the worlds most attractive investment location. Dec 04, 2016 economic research uae economic update 4 december 2016 please refer to the disclaimer at the end of this report. Outlook for uae economic growth improves, poll says the. Trends, risks and growth outlook 3 financial stability report 2017 the global economy.
The uae will remain politically stable in 202024, despite regional tensions centred on iran. Coronavirusrelated economic disruptions are the key risks to the outlook. Meanwhile, the emirates economic vision 2030 has identified sectors through which abu dhabi can boost nonoil gdp, with areas such as tourism, manufacturing, ict and health care now driving. Downward pressure on oil prices, airtravel demand and tourism levelswith the key expo 2020 event at riskwill all hit growth prospects.
Launch of the oecd economic outlook, june 2016 oecd. Uae economic outlook aims at highlighting the economic forecast reports which observe the economic development outlook in the uae in general, and abu dhabi and dubai in particular. Uae economic outlook 2015 towards a knowledge based economy. In particular, the country has managed to develop the dubai financial and real estate centers, international airline hubs in dubai and abu dhabi, and sports.
Over the last 4 years since 2016, the uae economy is deploying all the efforts to return and sustain the 3. Moodys affirmed its a3 longterm credit rating for the emirate of sharjah with a stable outlook in december 2016. Emirates palace, abu dhabi agenda day one tuesday, december 8th. Growth was likely strong in the second quarter, as oil production expanded robustly in yearonyear termsdespite ongoing opec output cutswhich bodes well for the energy sector. Sheikh hazza bin zayed al nahyan, deputy chairman of the abu dhabi executive council, the 5th uae economic outlook forum 2018 was launched today here to highlight the role of fdi and trade in encouraging innovation and productivity, and pushing growth and prosperity in the uae forward.
United arab emirates a new growth model is needed iif. Uae economic outlook 2017 getting a head start on tomorrow. Outlook for uae economic growth improves, poll says volume. Building on the 2016 outlook focus on the role of innovation in promoting competitiveness, uae outlook 2017 will address how innovation and entrepreneurship drive growth and diversification. Outlook for uae economic growth improves, poll says. The united arab emirates in the postglobal crisis are challenged, therefore, by a weaker global demand, but also by competition from other countries and more stringent global financial markets. Stronger inflation outlook to add to private consumption softness we raise our 2017 inflation estimate to 2. These quickresponse articles analyse key events in terms of how we expect them to affect our political and economic forecast, and are closely tied to the structure of our country report service. The emirates economy has slowed down however, and sharjahs debt burden and debt affordability are still low, according to moodys. On the global macro economic front, us remains the primary growth engine and appears better positioned than its peers in the developed world.
Economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. This was the lowest growth rate among the countries of the. Uae and some of the worlds economic giants such as the united states, the uk, the european union, china, japan and other asian countries which are experienced in terms of readiness in managing risks and global economic shifts in the future. Link global economic outlook 20152016 united nations. Saudi arabia oman uae kuwait dubai qatar 2014 2015 2016. Trade, economy and investment monitor report foreign trade. Innovation and entrepreneurship for sustainable growth and diversification date. United arab recent developments emirates monetary policy is. Paris, 1 june 2016 as prepared for delivery ministers, ambassadors, ladies and gentlemen, lets now move to the next session of our joint oecd forum and ministerial council meeting. According to the imfs report, the uae economy is projected to grow at 3. United arab recent developments emirates monetary policy. The united arab emirates gdp growth rate reached an all time high of 9. Gla economics provides expert advice and analysis on londons economy and the economic. The report is a joint product of the united nations department of economic and social affairs undesa, the united nations conference on trade and development unctad.
Inflation in sharjah has fallen steeply since the beginning of 2016, increasing by only 0. A possible transfer of power in abu dhabi from the current ruler, who is in. Uae economic outlook 2015 towards a knowledge based economy date. Oil production capacity is expected to increase and the strength of the nonoil economy will boost prospects particularly later in the forecast period as megaproject implementation ramps up ahead of dubais hosting of expo 2020 expected to draw in 25 million visitors. Economic research uae economic update 4 december 2016 please refer to the disclaimer at the end of this report. Raed safadi, executive director, economic research and policy division, dubai ded. To discuss the implications of global and regional economic trends and prospects for the uae economy. The ministry of economy is pleased to launch its comprehensive annual economic report 2016, which contains the latest regional and global economic figures and statistics. Uae joined china led asian infrastructure investment bank 6 global trade scenario 9 australia and gcc to sign free trade agreement 11 economy monitor 12 imf world economic outlook regional economic analysis 15 economic outlook for mena region 20 analysis decline in crude oil prices 23 quanititative easing by european central bank 29. The latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2.
The economy continues to experience a slowdown in economic growth as a result of low oil prices. Mar 23, 2015 gdp forecast nevertheless, imf has lowered its 2015 gdp forecast for uae by one percent to 3. A possible transfer of power in abu dhabi from the current ruler, who is in poor health, to the crown prince will go smoothly. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2. However, the drivers of economic growth do not withstand the external shocks of the global economic slowdown. According to the economic report 2018 released by the uaes ministry of economy, the estimated gdp for 2017 rose by 0. This page has economic forecasts for oman including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the oman economy. One of the main lessons of the recent global economic crisis for the emerging market economies. Sharjahs fiscal deficits are forecast to reach 14% of gdp by the end of 2016. The first day will feature presentations and discussions focused on the opportunities and challenges shaping dubai and. Mohammed saleh shalwah, the adviser to the uae minister of economy. This page has economic forecasts for the united arab emirates including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the the united arab emirates economy. Oil exporters growth is still projected to rise from 2 percent in 2015 to 3. Outlook for uae economic growth improves, poll says in 2017 as we did in 2016, the national will be running reports focused on sentiment in the business communities in the uae and saudi arabia on a series of key issues affecting the regional economy.
During the years preceding the global economic crisis the uaes economy was performing fairly well. Over the past years, the uae has witnessed sustained economic growth and made great strides in laying the foundation for its development despite the serious. United arab emirates economic growth economic growth is expected to decelerate this year as stagnating output will weigh on the oil sector. The weo is prepared by the imf staff and has benefited from comments and suggestions by executive directors following their discussion of the report on september. The first day will feature presentations and discussions focused on the opportunities and challenges shaping dubai and abu dhabis economic prospects for 2017. Palazzo versace, gala ballroom, dubai building on the 2016 outlook focus on the role of innovation in promoting competitiveness, uae. United arab emirates economic forecasts 20202022 outlook. The economic impact of lower oil revenues was especially felt in abu dhabi, which holds over 90 per cent of. Following its brief economic recession in the year prior, related to the global economic crisis, the uae returned to surplus in 2010. Before handing over to our chief economist catherine mann, who will walk you through our projections and the key. We have revised our 2017 forecasts to take into account the recent set of oil production and economic data. Eprs oecd interim economic outlook 2016 members research service page 3 of 6 a fall in commodity prices.
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