The UAE’s economy minister expects the country’s gross domestic product (GDP) to grow by 2.5-3 per cent in 2018 and by more than 3 per cent in 2019. Recently Sultan Bin Saeed Al Mansouri was speaking to reporters in Abu Dubai on the sidelines of the UAE-Lebanon Investment Forum.
Earlier this year, the International Monetary Fund (IMF) forecast GDP growth of 2.9 per cent this year and 3.7 per cent next year for the economy. Al Mansouri did not elaborate further on why he thinks growth will be higher next year but a senior official from the Ministry of Economy said that introduction of the foreign direct investment (FDI) law, as well as diversification of the UAE economy, will be key factors that will push GDP higher next year.