Abdullah bin Touq Al Marri, the UAE Minister of Economy, has announced that the UAE’s economic growth has surpassed predictions, propelling the country to join the prestigious 7 percent growth club.
The UAE experienced a remarkable expansion of 7.6 percent in its economy last year, ranking among the highest globally. Notably, the non-oil sector also witnessed significant growth, expanding by 6.6 percent.
“Our goal is to double the economy by 2031 in line with 2031 Vision. In 2023, IMF forecast economy will grow by 3.5 percent, higher than the global average of 2.8 percent,” Al Marri said during the inauguration of the Harvard Business School Club – The House.
GlobalData, a prominent data and analytics company, has reported a substantial economic upswing in 2022, marked by an impressive growth rate of 7.6 percent. This growth rate is the highest observed since 2007, and it was largely driven by a surge in oil and gas prices.
“To make the economy less vulnerable to external shocks, it remains crucial for the government to persist in its endeavor to diversify the economy. Abu Dhabi’s plan to invest $2.7B to double the size of the manufacturing sector by 2031, and the adoption of UAE Circular Economy Policy 2031 which focuses on manufacturing, food, green infrastructure, and sustainable transport, reflects the government’s urge to transform to a more diversified economic base,” said Indrajit Banerjee, economic research analyst at GlobalData.
Banerjee emphasized that while the UAE’s economic growth prospects for 2023 may encounter obstacles, the ongoing endeavors to diversify the economy and implement development projects will be crucial in diminishing its susceptibility to external shocks, according to Khaleej Times. While talking about the Harvard Business School think-tank, he said, “The House embodies the spirit of entrepreneurship and leadership that is the heart of UAE’s economic vision. It will serve as a thriving ecosystem where remarkable individuals can come together and connect and learn from one another and contribute to the economic development of the UAE and the region. The House is a symbol of commitment to fostering collaboration, nurturing talent, and driving innovation. It will be a platform for knowledge exchange, mentorship, the partnership.”
