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  The International Monetary Fund (IMF) said on Monday the United Arab Emirates was experiencing strong economic growth, with overall real GDP projected to grow by about 4% this year, higher than earlier estimates. In its latest statement at the end of its mission, the IMF team highlighted that the UAE's economic growth is broad-based, driven by strong activity in sectors such as tourism, construction and financial services. "Demand for real estate from abroad, with increasing connectivity both bilaterally and multilaterally, coupled with the UAE's reputation as a safe haven, continues to drive housing prices and leads to higher rents, while also contributing to a healthy household financial environment,” the statement noted. Overall economic growth is expected to receive additional support this year from an increase in hydrocarbon GDP, partly due to higher crude oil production as a result of the UAE's increased OPEC+ quota. As one of the world's leading oil export...

  In a recent update to its World Economic Outlook, the International Monetary Fund (IMF) paints a nuanced picture of the global economic landscape, reflecting both positive developments and lingering risks. The IMF's projection for the global economy reveals a trajectory toward a soft landing in 2024, with a growth rate of 3.2%, a modest improvement from the 3.1% observed in the previous year. The report underscores the resilience displayed by the world economy in the latter part of the preceding year, propelled by increased spending, improved labor participation, and favorable energy and commodity prices. However, the IMF remains watchful of ongoing geopolitical uncertainties, acknowledging that risks persist in the form of slow and divergent economic progress. Despite the cautiously optimistic outlook, the IMF acknowledges that the projected growth for 2023 and 2024 falls below the historical average of 3.8%. This deviation is attributed to various factors, including the impleme...