The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including global economic slowdown and difficult financial conditions, a top UAE official has said, according to a report in Emirates News Agency (WAM).

"Our efforts to diversify the economy and promote sustainable growth have proven effective. The country expects non-oil GDP growth to reach 5.9% in 2023 and to grow by 4.7% growth in 2024,” said Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF).

Al Khoori highlighted that the UAE's non-oil foreign trade hit a record AED1.239 trillion in the first half of 2023, marking a 14.4% increase from the same period in 2022. Additionally, foreign direct investment (FDI) inflows to the country reached about AED83.5 billion in 2022.

Al Khouri also noted that the Purchasing Managers' Index (PMI) in the UAE climbed to 57.7 in October 2023, reaching its highest level since June 2019.

"This post-Covid-19 surge signifies the pace of recovery and the full resumption of economic activity in the country."

He added that the innovative strategies of the UAE reflect a commitment to work according to the vision of the UAE wise leadership and the ‘Principles of the 50’ which have made economic development a supreme national interest. – TradeArabia News Service