IMF praises UAE’s economic performance, urges reforms

The International Monetary Fund (IMF) concluded its 2024 Article IV Consultation with the United Arab Emirates (UAE) on May 16th, praising the country’s strong economic performance and urging ongoing reforms for long-term sustainability, the IMF reported on Monday.

According to the IMF’s report, Ali Al-Eydm, the leader of the IMF team in the UAE, commended the nation’s diverse economic growth, forecasting a 4.0 per cent GDP growth in 2024 with 2 per cent inflation.

Fiscal and external surpluses remain high thanks to oil prices and prudent policies. Financial stability is emphasised, with a specific call for continued monitoring, particularly in the real estate sector.

Furthermore, the report recommends fiscal prudence and structural reforms to ensure sustainable growth and diversification. The IMF expressed appreciation to the UAE for its cooperation in promoting economic resilience.