UAE GDP to grow 3.1% in 2018 – World Bank

Dubai – Mubasher: The UAE’s gross domestic product (GDP) is expected to grow 3.1% in 2018 and 3.3% in 2019, compared to 1.4% in 2017, according to a report released by the World Bank on Wednesday.

The UAE’s Minister of Economy Sultan bin Saeed Al Mansouri stated earlier that his country’s GDP would increase by 3.9% during 2018.

The Emirati economy will go above the GCC average, as the growth in the country is expected to rise from 2.2% in 2017 to 2.6% in 2018, and then to 3.4% in 2019, the National Bank of Kuwait (NBK) revealed.

The GCC economies may grow 2% in 2018 versus 0.7% in 2017, while the Middle East and North Africa (MENA) region will witness a sluggish growth, which could reach 1.8% in 2017, compared to 5% in 2016, the World Bank’s data showed.

These expectations are attributable to the oil output cut and the geopolitical tension in the region, the report said.

However, the MENA’s economies can recover due to the implementation of various reforms in financial policies, the World Bank noted.

“Key downside risks to the outlook include continued conflicts in the region, weakness in oil prices, and obstacles to reform progress, which are only partly offset by the effects of possible stronger-than-expected Euro Area activity,” the international financial institution concluded.