The World Bank has projected that the real GDP of the UAE will grow by 2.8% in 2023, as the non-oil sector is expected to achieve strong growth of 4.8%, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation and manufacturing sectors.

 

The current account balance in UAE is expected to rise to 11.7% in 2023, as well, it stated.

 

The World Bank in its Gulf Economic Update, said the economies of the GCC are projected to grow by 2.5% in 2023 and 3.2% in 2024. 

 

The region had a remarkable GDP growth of 7.3% in 2022, which was fuelled by a strong increase in oil production for most of that year, it added.