Expected growth according to the reports
The growth of UAE in this year, in 2019, will be strong according to a report released on this Tuesday 8th January. The gross domestic product (GDP) will remain as it is in its growth this year and coming two years with help by higher investment regulatory reforms. UAE will rise in spite of the opposing motion of global growth in the economy. According to the report released by the World Bank, it is stated that the economy of UAE grew as expected, that was 2 percent. However, for this year and two more years following it is predicted to mature even more by 3.2 percent.
IMF the International Monetary Fund issued a report in October, in which they stated that the growth of UAE this year will rise up to 2.9 percent and for the following year it will be 3.7 percent. The oil production is expected to rise along with the money the government is spending on it. The Global Economic Prospects issued by the World Bank this month predicted the rise of UAE in the following manner. There will be a slight growth this year among all the oil exporters. On the other hand, all the GCC group is speeded up its rise in 2018 from 2 to 2.6 percent. There will be a higher investment and regulatory reforms in order to back the growth in the GCC countries. There is a likelihood that Iran to make a contract by 3.6 percent in 2019.
The rest of the GCC countries other than UAE will probably rise. The Gross Domestic Product of Kuwait, Oman, Qatar, Bahrain, and Saudi Arabia are anticipated to grow fast at the rate of 3.6, 3.4, 2.7, 2.6, and 2.1 respectively. While the Mena region’s growth is predicted to be 1.9 percent in the coming year which was 1.7 in 2018. This is because there will a tough growth among all oil exporters was made tougher last year, according to the World Bank. WB stated that oil production and price increase will be the cause of ease in the economic alliance. This will enable more public expenditures and more current account balance.
Struggle for financial power and growth in non-GCC countries:
There has also been a struggle on the regional growth because of the weak progress among the non-GCC countries oil export like that of Iran which is related to the sanctions of the US. The international or global economic growth is expected to soften down from last year, it will fall from 3 percent to 2.9 percent, from last year to 2019. This fall in the economy is reported by the World Bank on Tuesday. The growth is not just like that, UAE is also planning to be the soft power leader in 2019, read more about this in our blog.
Global Economic Prospects report January 2019, the International trades are still high, trade and manufacturing movement is at ease, there is high financial pressure on some of the huge markets that are evolving. The high and advanced economies should be ready for a drop of 2 percent in 2019. This was alerted by the CEO of World Bank Kristalina Georgieva. She also stated that the economy overall, in almost all of the regions, was increasing and it was like fire in the jungle. However, for some reason, it lost its speed somewhere between last year. We should be ready for the bumps in the year that is ahead of us, as there are expected to be many of these.
GDP increases in UAE but underdeveloped countries face problems:
The opposing storm for the economy and financial power will be strong for those countries that are still under development and are at initial stages. The effort for the reduction of poverty all around the globe could be in danger. To keep up with last year we all need to invest in people, complete foster growth, built tough societies, added the World Bank CEO Kristalina Georgieva.
Abu Dhabi: The UAE’s economy minister expects the country’s gross domestic product (GDP) to grow by 2.5-3 percent in 2018 and by more than 3 percent in 2019. Before the economy rises you should check out these cheap domestic and home appliances, buy cheap here. Anyways, Sultan Bin Saeed Al Mansouri was speaking to reporters in Abu Dubai on the sidelines of the UAE-Lebanon Investment Forum on Wednesday.
Sultan Al Mansouri did not explain why he thinks that the growth will be high. However, an official from the Ministry of Economy added that foreign investment and diversification of the UAE’s economy will prove to be the factors that can cause an increase in GDP. The GDP is rising, so if you are thinking about starting a business and having a loan, the interest rates skyrocketed recently, have a detailed look here.
Last week Abu Dhabi announced that all new economic licenses will be exempted from fee. This is only for those licenses that are issued in Emirates for two years. Exemption and reduction in fees of more 98 basic services that were taxed on the private sector by municipalities in Abu Dhabi, this was another resolution which was approved by Abu Dhabi Executive Council recently.