UAE - Mubasher: The UAE's economy is forecast to grow 4.2% in 2022 and 3.4% in 2023 to revise up 60 basis points (bps) and 10 bps, respectively, as shown by a quarterly Reuters survey in July.

The UAE's 2021 expected economic growth of 2.3% will remain unchanged from analysts' outlook in a similar poll three months ago.

The survey reflected that the six economies in the GCC region are set to recover and grow 2% to nearly 3% in 2021, while Saudi Arabia and the UAE are predicted to record over 4% growth during 2022.

Saudi Arabia is forecast to see economic growth at 2.3% this year, down from a forecast of 2.4% in the previous similar poll, according to Reuters.

In 2022, the Kingdom's gross domestic product (GDP) is forecast to grow 4.3%, which is revised up 100 bps, while growth for 2023 was revised up 30 bps to 3.3%.

In Kuwait, the 2021 GDP will grow 2.4%, up 60 bps, while growth was lifted 110 bps to 4.6% in 2022 and 10 bps in 2023 at 3%.

The Chief Economist at Abu Dhabi Commercial Bank (ADCB), Monica Malik, said: "Our core assumption was that a longer-term deal would be secured, and we raise our 2022 forecasts on the back of the baseline adjustments, which will enable the UAE, Kuwait and Saudi Arabia to raise oil output and their global market share from May 2022."