Dubai, Apr 20 – UAE Targets 7% Economic Growth in 2024: Navigating Global Challenges


The United Arab Emirates is planning to achieve an ambitious goal of economic growth rate of as high as seven percent this year with the Minister of Economy leading efforts to drive it higher than the expected level. This objective is the highest that has ever been forecasted by any institution including central banks and international organizations such as world bank; thereby indicating resilience amid worldwide financial crisis.

Even though global economies are currently struggling due COVID-19 pandemic which has made some countries’ GDP shrink by over 10%, UAE managed to grow at almost eight percent in 2022 alone showing how committed they are towards their long-term plan of diversifying economy through different sectors like tourism industry among others so that it can reach $816 trillion by 2030.Another key component for success in UAE’s economic strategy involves cutting down reliance on oil revenues because currently non-oil sector accounts for about seventy-four percent of total national income thereby demonstrating that Dubai has indeed succeeded in its endeavors towards achieving this aim. The state also hopes to strengthen its non-oil economy through active encouragement foreign investments via deregulation and visa policies among other measures adopted recently.
 Roberta Gatti who works with world bank as chief economist responsible for middle east north Africa region (MENA) gives insights about what is happening globally besides broader economic environment within our region too; she expects things will get better next year but warns against being overly optimistic given vulnerabilities still existing within MENA when faced with external shocks

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