Middle East economist at Oxford Economics predicts strong development for UAE economy

(MENAFN) Scott Livermore, the chief economist and managing director at Oxford Economics Middle East, has projected a positive outlook for the United Arab Emirates' (UAE) overall Gross Domestic Product (GDP), anticipating a growth rate of 4.4 percent in 2024, followed by a further acceleration to 5.6 percent in 2025.

Livermore, who also serves as an economic advisor to the Institute of Chartered Accountants highlighted the resilience of the UAE's non-oil economy, predicting a robust growth rate of 4.3 percent for the current year, building upon the strong performance achieved in 2023. He attributed this strength to various factors, including vigorous local activity and government policies aimed at fostering growth while enhancing the business environment. Livermore emphasized the UAE's commitment to maintaining its status as a premier destination for living, investing, and visiting, which has contributed to strong inflows of foreign direct investment.

Moreover, Livermore underscored the UAE's progress in economic diversification, particularly in comparison to its regional counterparts. He noted that the non-oil sectors play a significant role in the national economy, indicating a successful push towards reducing reliance on oil revenues. Livermore pointed to the substantial local investment initiatives, such as the Dubai Economic Agenda D33, as crucial drivers for advancing the country's economic diversification efforts.

Livermore's optimistic assessment aligns with the UAE's broader strategy of fostering sustainable economic growth through diversification and innovation. His projections reflect confidence in the UAE's ability to navigate global challenges and capitalize on emerging opportunities, positioning the country as a dynamic and resilient player in the global economy.

MENAFN15042024000045015682ID1108094900