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UAE's non-oil economy to grow by 4.8% in 2023- World Bank
Posted on May 22, 2023 |
The World Bank projected that UAE’s real GDP will grow by 2.8% in 2023 because the non-oil sector is likely to grow by 4.8% as a result of strong domestic demand in real estate, tourism, transportation, manufacturing, and construction.
In 2023, the economies of the Gulf Cooperation Council (GCC) are likely to grow by 2.5% and 3.2% in 2024 as 2022 saw a remarkable GDP growth of 7.3%, due to strong oil production.