The Economic minister Abdulla Bin Touq on Saturday, recently announced that the UAE as one amongst the Middle East’s high rated economy is pursuing to double its existing economy over within the forthcoming decade.
Mr Bin Touq stated that the Ministry of Economy as well as their other entities are “Operating according to an ambitious vision to double our national economy over the next 10 years to reach Dh3 trillion by 2031.”
He further added out stating that the nation is already on the brink of swifter economic recovery via acceptance of Fourth Industrial Revolution associated along with Technology.
This year, despite the prevailing issue of COVID-19 Pandemic, the UAE’s Economy is all set to expand by 2.5 percent, and their non-oil economic progression is valued at 3.6 percent, as per the forecast done by the Central Bank of the UAE. The robust economy is all poised to progress 3.5 percent within the year 2022, and non-oil progression is to be witnessed is at 3.9 percent.
The Minister further stated out that: “In 2020, the UAE’s gross domestic product stood at almost Dh1.42tn at constant prices, with non-oil GDP making up just over Dh1tn of this. The country was “not immune” to the global economic shock experienced after Covid-19, given that its economy “is linked through foreign trade, foreign investment, tourism and the logistical sector with the movement of trade and investment and global transportation.”
The overall outcome from UAE’s Federal Statistics as well as Competitiveness Centre revealed out that the national economy had witnessed a plummeting of 6.1 percent the preceding year and the non-oil GDP has witnessed out a plummeting of 6.2 percent, which as per the Ministry was revealed as a “Comparatively lower decline” provided the slump in core global economies.
For an Illustration: –
- As per the current data compiled from the source of International Monetary Fund, The Euro Economy witnessed out a slump down of 6.6 percent the preceding year, with France slumping down at 8.2 percent, Italian economy at 8.9 percent. The United Kingdom’s Economy contracted at 9.9 percent. In an overall, the advanced economies plummeted to 4.7 percent and US economy contraction stood at 3.5 percent.
- The Chief Economist at Abu Dhabi’s Commercial Bank, Monica Malik stated out that, “We expect to see a rebound in non-oil activity supported by the domestic vaccination programme and the limited [Covid-19] restrictions. Key externally facing sectors should also see a pickup in activity, though Covid waves in key sources of tourism into the UAE will remain headwinds. Progress with global vaccinations will be essential for the recovery in sectors such as tourism and aviation.”
- Chief Economist at Oxford’s Economics, Scott Livermore, also stated out that: “Although there is still flexibility in the global economy with the upsurge in Covid-19 infections that offers an uncertain outlook for travel and tourism, when a recovery does take hold, it is likely to be robust.”
- He further also added that, “And the surge in travel to Dubai [at the end of last year] illustrates the willingness of travellers to spring back. This also bodes well for the success of the delayed Expo 2020, which creates an opportunity for a faster recovery in Dubai.”
Emirates Development Bank’s primer initiative, the Operation 300Bn, is a core initiative for upsurging the overall industry’s aid to GDP to make it touch Dh300Bn within the forthcoming decade in 2031 from the prevailing Dh133Bn. This also encompasses the conception of about 13,500 latest firms in the sector and an upsurge in industrial R&D spending to 2 percent of GDP by 2031, from prevailing 1.3 percent at the moment.
Mr. Livermore also added further that: “The UAE’s plan to increase oil production to 5 million barrels per day, up from about 2.8 million bpd last year “will make a significant contribution” towards boosting the nation’s GDP over the forthcoming decade. Other policies aimed at supporting long-term growth, such as the Operation 300bn initiative announced by the Ministry of Industry and Advanced Technology in March, will also play their part.”
Emerging and frontier market strategic analyst at Tellimer in Dubai, Hasnain Malik, also further stated out that: ““Visa and ownership rules no doubt have moved in the right direction and may be underpinning the stabilisation already on display of completed real estate prices in both Dubai and Abu Dhabi.”
The Current regulatory shifts– like the amendments to the commercial firms’ law and the offer of citizenship to talented inhabitants – will provision the national initiative for an enhancement of the output.