UAE, 23 September, 2024 : Oxford Economics projects the UAE's economy will expand by 4.8% in 2025, according to Scott Livermore, Chief Economist and Managing Director of Oxford Economics Middle East. The non-oil sector is expected to grow by 4.6% in 2024, driven primarily by strong performances in travel and tourism.
Livermore highlighted that Dubai's visitor numbers and traffic through DXB are expected to increase by over 20% this year, with continued double-digit growth in 2024. He credited the UAE's economic resilience to government support and ongoing diversification efforts, despite challenges posed by higher interest rates.
Investment activity is expected to remain robust, with initiatives such as 'We the UAE 2031' and Dubai's D33 strategy boosting foreign investor confidence. Reforms like 100% foreign ownership and reduced business setup costs have bolstered population growth and strengthened the real estate market.
On US Federal Reserve policy, Livermore anticipates a 50bps rate cut by the end of 2024, with further reductions by 2025 if labor market conditions worsen. Globally, the economy is projected to grow by 2.7% in both 2023 and 2024.
Source : www.wam.ae
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