Reuters expected the pace of growth in the Emirates to accelerate, supported by plans to diversify the economy and a recovery in the tourism sector, noting that the UAE economy will grow by 3.7% this year, due to an increase in oil soon. production, and this growth will increase to 4.2% in 2025.
An economic survey suggested that it would remain the fastest growing economy in the Gulf in 2024 and beyond.
A recent Reuters poll of 24 economists’ opinions from July 8-22 indicated that expectations for the UAE’s continued growth momentum this year and next are due to its position as the fastest-growing Gulf economy, thanks. to the support of financial policies and the prosperity of the non-oil sectors.
James Swanstone, Middle East and North Africa Economic Middle East economist, said the UAE will be able to increase oil production faster than OPEC+ members, and is likely to maintain its position as the fastest-growing economy in the Gulf between this year and 2025. He added, “Following OPEC+’s decision to keep oil production low for a longer period of time, economic growth in the GCC countries will be weaker than we expected this year.” Despite the war in the Middle East, oil prices struggled to stay above $80 per barrel.
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