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UAE’s GDP to reach 2.8% by end-2019 – IMF

UAE’s GDP to reach 2.8% by end-2019 – IMF
The UAE’s GDP is expected to reach 3.3% in 2020

Abu Dhabi – Mubasher: The International Monetary Fund (IMF) predicts the UAE’s gross domestic product (GDP) will grow to 2.8% by the end this year, according to the IMF’s report released on Tuesday.

The GCC nation’s GDP is expected to reach 3.3% in 2020, the Washington-based fund said.

The latest forecast is lower than the IMF’s October 2018 projection when it had expected the UAE’s economic growth to hit 2.9% for 2018 and 3.7% for 2019.

The international organisation noted that the real growth of the GCC nation could stand at 2.7% by 2024.

As for inflation, it is expected to decline to 2.1% for 2019 and 2020 mainly due to a drop in rentals and property prices.

In October 2018, the IMF had hiked the UAE's growth forecast for 2018 and 2019 on the back of higher oil prices, continued reforms to promote the private sector and increased government spending.