The IMF mission anticipates normalization of growth one year after the strong performance resulting from the World Cup and estimates that the country’s economy could grow by 5%.
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Economies in the region are headed for a slowdown this year, driven by high inflation and the conflict in Sudan. Growth will decrease from last year’s 5.3% to 3.1% in 2023.
According to the IMF, products such as food have been strongly impacted by inflation in the Middle East and North Africa region.
The International Monetary Fund report estimates a 2.2% growth in the United Arab Emirates in 2021 and 3.5% in 2022. The organization defends prompt measures to contain the spread of COVID-19 and economic support leveraged the improvement.
Due to foreign trade performance, the International Monetary Fund projects an increase of 5.3% for the country’s GDP this year, 1.6% above the April estimate. For next year, however, the outlook has worsened.
The International Monetary Fund predicts 3% contraction of the world economy, with GDP shrinking 5.3% in Brazil and 2.8% in the Middle East. Next year, economies are expected to bounce back, provided that policies prove effective.
Global expansion is weakening amid risks, says International Monetary Fund economic counsellor and director of Research Gita Gopinath.
The institution announced a new loan program. The primary focus will be on promoting small businesses, which account for most of the jobs in the country.
The Fund expects the country’s economy to grow 1.4% this year. Forecast was revised down in 0.4 percentage point over July’s estimate.
