Published: 14:26, May 21, 2024 | Updated: 14:33, May 21, 2024
IMF expects UAE economy to grow by 4% in 2024
By WAM - Emirates News Agency
This file photo dated Nov 12, 2023 shows a general view of the urban skyline with Burj Khalifa, the world's tallest tower, in Dubai, the United Arab Emirates. (PHOTO / AP)

WASHINGTON - The International Monetary Fund expects the real gross domestic product of the United Arab Emirates to grow by 4 percent in 2024.

In a statement released on Monday, the IMF stated that economic growth in the UAE is broad-based, driven by strong activity in the tourism, construction, manufacturing, and financial services sectors, following the conclusion of a team of its experts' visit to the UAE regarding the 2024 Article IV consultations.

The IMF also anticipated that the UAE's fiscal and external surpluses would remain high, supported by relatively high oil prices.

READ MORE: UAE says committed to sustainable development, economic diversification

According to the IMF, the overall government surplus is expected to be around 5 percent of the country's GDP in 2024, while the current account surplus is estimated to be about 10 percent of GDP for the same year.

The IMF noted that banks in the UAE generally possess substantial capital and liquidity reserves.