On the federal level, the supreme council, comprised of the rulers of each of the seven. United arab emirates economic development the discovery of oil opened the way for the uae into the industrial age. Imf forecasts economic recovery for middle east economies. International monetary fund imf expected uaes economic growth to increase to 4. Innovation and entrepreneurship for sustainable growth and diversification date.
United arab emirates furniture outlook csil market research. All seaborne and air travel links from the involved countries to qatar were shut and bank lending to qatar was restricted. With an estimated 70% of the uaes population within the 2039 year age bracket and with a rising gdp per capita, the uaes as well as dubais wholesale and retail trade sector growth outlook is positive. Imf forecasts economic recovery for middle east economies in. The government is focusing on the uae becoming the economic, touristic and commercial capital for more than two billion people. Macroeconomic policy of the united arab emirates economics.
It has maintained its position as the second largest economy in the arab world and one of the most important regional destinations for trade, investment and economic activities. Dubai exports, the export promotion agency of the department of economic development in dubai, was created to ensure the success of the exports sector in dubai and the uae, providing constant guidance, advice and practical support to both buyers and suppliers. United arab emirates economic growth economic growth is expected to decelerate this year as stagnating output will weigh on the oil sector. Ministry of finance is a uae federal government entity managing the federal budget and regulating the financial laws and financial institutions. Mar 10, 2020 united arab emirates economic outlook. This page has economic forecasts for qatar 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 qatar economy. Economic development united arab emirates annual, power.
Downward pressure on oil prices, airtravel demand and tourism levelswith the key expo 2020 event at riskwill all hit growth prospects. Coronavirusrelated economic disruptions are the key risks to the outlook. The mena economic monitor is a product of the hief economists office of the middle east and north africa region. The world economic outlook weo is a survey by the imf staff published twice a year, in the spring and fall. The 2016 economic outlook discussion, which is scheduled for monday, december 14, will comprise a group of experts in their respective fields sharing perspectives on the uae and the region for the. Table 2 united arab emirates macro poverty outlook indicators annual percent change unless indicated otherwise 2015 2016 2017 e 2018 f 2019 f 2020 f real gdp growth, at constant market prices 3. And staff report under article iv of the imfs articles of agreement, the imf holds bilateral discussions with members, usually every year. Other factors supporting growth include the recalibration of governments social inclusion programs away. The report was prepared by a team, led by shanta devarajan, and including lili mottaghi. The economic outlook is expected to moderate amid lower oil prices. Developing a competitive knowledge economy is one of the pillars of national agenda in line with vision 2021.
Innovation and entrepreneurship for sustainable growth and diversification. The united arab emirates have been pegged to the dollar since 1975, at approximately 3. Emirates palace, abu dhabi agenda day one tuesday, december 8th. Trade, economy and investment monitor report foreign trade. United arab emirates economic outlook october 2017. Uae national pavilion masdar 10 expo 2020 bureau expo 2020 development.
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. The farm sector which was expected to contract showed resilience, growing by 0. Free trade zones in uae and economic development research. Economic projections based on economic data, it can be stated that uae economy is getting diversified whereby nonoil sectors are starting to contribute more with time. Dec 22, 2016 economic research uae economic update 22 december 2016 please refer to the disclaimer at the end of this report. The uae will remain politically stable in 202024, despite regional tensions centred on iran. The economy continues to experience a slowdown in economic growth as a result of low oil prices.
Environment vision 2030 pdf for the emirate of abu dhabi was developed to ensure integration among the three pillars of sustainability. United arab emirates economic forecasts 20202022 outlook. 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 2017 starts debate on innovation, entrepreneurship. 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. Global economy report 2015 best consumer digital bank uae. Palazzo versace, gala ballroom, dubai building on the 2016 outlook focus on the role of innovation in promoting competitiveness, uae. The report analyses the furniture market in the united arab emirates through the main demand determinants. The diplomatic rift with qatar is not ex pected to affect the economic outlook for the uae significantly. General features and composition of groups in the world economic outlook classification 206 table a. Outlook for the gulf and the global economy is a white paper written by the economist intelligence unit and sponsored by the qatar financial centre qfc authority.
Can the uae avoid the oil curse by economic diversification. Economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. Contents contents 2 introduction 3 abu dhabi airport free zone adafz 3 positive contributions to the uae 3 negative contributions to the uae 4 benefits to investors 5 strategies for growth 5 dubai media city free zone dmc 6 negative contributions to the uae 7 strategies for growth 8 uae free trade zones employment rules 9 10 conclusion 11 references 12 free trade zones in. Raed safadi, executive director, economic research and policy division, dubai ded. The economy of the united arab emirates or uae is the second largest in the middle east. Real gdp growth rate and population growth rate in dubai %. 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 outlook for 201011 3 economic outlook for 201011 executive summary growth prospects 1.
United arab emirates economic outlook spring 2016 pubdocs. Outlook whilst the stimulus packages and easing of business regulations are positive and will provide some support to the residential markets, there is likely to be a time delay in these resulting in increased demand in the uae s residential sector. With 189 member countries, staff from more than 170 countries, and offices in over locations, the world bank group is a unique global partnership. United arab recent developments gres and higher fees. Knowing that oil is depleting and taking serious note of the economic ramifications of random fluctuations in oil prices, the government of the uae has, since early 1980s, embarked on solid economic diversification strategies. 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 economy gdp, inflation, cpi and interest rate. A possible transfer of power in abu dhabi from the current ruler, who is in. During the years preceding the global economic crisis the uaes economy was performing fairly well. The direct impact on the uae economy through airline traffic.
Economic research uae economic update 22 december 2016 please refer to the disclaimer at the end of this report. The federation, formed in 1971, used its vast oil wealth during the 1970s to transform the national economy through expansion of roads, ports, airports, communications facilities, electric power plants, and water desalination. Over the last 4 years since 2016, the uae economy is deploying all the efforts to return and sustain the 3. The world economic outlook, published by the international monetary fund zimf last october, highlighted the worsening operating conditions in. On the other hand, the use of monetary policy measures is constrained because of the peg to the dollar. The united arab emirates gdp growth rate reached an all time high of 9. The uae exchange rate arrangements are rigid and fixed to the united states dollar with surprisingly limited exchange rate bands. 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. Global economic prospects january 2018 economic outlook. In the report, we have studied the uae retail industry in terms of both market size and its segment, namely food and nonfoo sector, along with its market forecast till 2020. Uae macroeconomic outlook national bank of kuwait photo by mahmoud jadeed this. The gcc in 2020 outlook for the gulf and the global economy a report from the economist intelligence unit sponsored by the qatar financial centre authority. Sami al qamzi director general, dubai department of economic development 10. However, due to dramatic dip in oil prices, uaes gdp is expected to grow at a modest pace in 2015.
Science, technology and innovation higher policy pdf 2mbmocaf. Then in chapter 2, the report examines the performance of the main macro economic indicators of dubai s economy real gdp growth, the structure of the economy, inflation, money and liquidity, the aed exchange rate, interest rates and the finances of dubais government, and the outlook for dubais economic growth in 2018. The uaes procyclical fiscal policy ex acerbates the economic cycle. In june 2017, bahrain, saudi arabia, the united arab emirates, and the arab republic of egypt cut diplomatic and economic ties with qatar. Macroeconomic policy of the united arab emirates economics essay. E nasser alsuwaidi chairman, abu dhabi department of economic development h. The modem economic development of the united arab emirates depended largely on the petroleum industry. This led to financial market disruptions in qatar, where nonresident deposits. The more positive global growth environment should support somewhat stronger oil demand. The uaes political system continues to be defined by the traditional patriarchal style of leadership that is comprised of political loyalties structured around the countrys various tribal elements.
Dec 28, 2015 economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. The global economic outlook report addresses the short and longerrange. 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. The uae economic outlook 2014 global economic outlook and its implications for the uae.
Experts to mull over 2016 economic outlook in dubai. 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. Imf forecasts economic recovery for middle east economies in 2018 uae economy to grow 3. It also features the uae s strong capabilities in terms of readiness to cope with change. The performance of the indian economy in 200910 greatly exceeded expectations.
On the global macro economic front, us remains the primary growth engine and appears better positioned than its peers in the developed world. With an estimated 70% of the uaes population within the 2039 year age bracket and with a rising gdp per capita, the uaes as well as dubais wholesale and retail trade sector growth outlook. The uae economy has proven its resilience and ability to sustain growth despite such pressures and economic difficulties. Economic growth slowed in the second half of 2019, according to the central banks preliminary data. The gcc in 2020 outlook for the gulf and the global economy. 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. Imf lowers uae growth forecast for this year and 2018 on low oil prices the fund says investments and lower fiscal deficits will improve future economic outlook overall growth this year is now. Risks around this forecast are broadly balanced in the near term, but are skewed to the downside over the medium term.
Pkf in the uae operates as a branch of a foreign company providing audit and management assurance, business consulting, regulatory and taxation and corporate finance services. In this research report, marmore analyses the performance of gcc stock and debt markets in 2017 and provides an outlook for 2018 based on economic factors, corporate earnings potential, valuation attraction, market liquidity and financing needs, for each individual country. Following its brief economic recession in the year prior, related to the global economic crisis, the uae returned to surplus in 2010. Uae economic outlook 2017 starts debate on innovation. Egypt economic outlook economic growth in egypt, estimated at 5. Other factors supporting growth include the recalibration of governments social inclusion programs away from general subsidies on energy products. The latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2. Csil market research report united arab emirates furniture outlook is part of the csil country furniture outlook series, at present covering 100 countries. Csil market research report united arab emirates furniture outlook is part of the csil country furniture outlook series, at present covering 100 countries the report analyses the furniture market in the united arab emirates through the main demand determinants, furniture consumption and per capita furniture spending. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2. Classification by world economic outlook groups and their shares in aggregate gdp, exports of goods and services, and population, 2015 207 table b. The government is focusing on the uae becoming the economic, touristic and. In the context of the 2015 article iv consultation with.
Mar 23, 2015 economic projections based on economic data, it can be stated that uae economy is getting diversified whereby nonoil sectors are starting to contribute more with time. Beyond 2017, overall gdp growth is expected to recover to 2. 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 23, 2016. It aims to preserve and enhance abu dhabis natural heritage in the efficient use of resources and contributing to a better quality of life for all. Announces another expansionary budget for 2017, investments in focus investment spending to increase by 27% dubai has announced an expansionary budget for 2017, with planned. Uae retail industry forecast 20162020 surging demand. Egypt economic outlook african development bank building. The uaes fourth industrial revolution strategy, the first of its kind globally, was.
Saudi arabia and the united arab emirates, has undergone rapid economic. Economic and social inclusion to prevent violent extremism. However, the drivers of economic growth do not withstand the external shocks of the global economic slowdown. Dubai fdi, part of the department of economic development in dubai. One of the main lessons of the recent global economic crisis for the emerging market economies.
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