According to the Minister of Economy of the UAE, Sultan bin Saeed Al Mansouri, the UAE growth rate will reach 4% this year. This rapid growth is stimulated by developed infrastructure of the state as well as various projects that are already in operations or are currently being developed.
Last year, the growth rate of GDP in the UAE reached 3.7%. The UAE has its own way of doing things. It boasts one of the most diversified economies in the world. It is also very stable, has excellent infrastructure and attracts entrepreneurs from all over the globe by its tax-free environment.
The growth rate of the UAE before 2015 reached more than 4% due to higher oil prices. There has been a change in oil prices since that time. The situation looked shaky the previous year. However, now things look more optimistic than last year and this optimism is growing.
Belief in economic growth and sustainability among the population of the UAE has strengthened. Besides, there has been an increase in non-oil industries activity.
According to the results of the national survey, more than 40% of respondents have an optimistic outlook for economic growth. Only 8% of people had doubts concerning the economy’s secure future. Optimistic attitude in the non-oil sector is also permanently growing.
Non-oil private sector activity has been growing since last month. There are new orders and an increase in investments. The economy of the state is expanding and getting more and more diversified.
The UAE hinges on oil and relies on it. However, the authorities of the state are investing time and money to diversify the economy of the country. The UAE Government was the first among the countries of the Gulf Cooperation to implement certain measures to reach this goal.
Summary
The UAE’s future perspectives look very secure. Its growth rate is expected to reach 4% this year. This is due to the development of non-oil sectors and permanent efforts of the UAE government aimed at diversifying the country’s economy.
