The UAE’s economy has proven its resilience against global shocks in recent years, with the non-oil sector continuing to show robust growth, according to Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF).
Azour highlighted the UAE's ability to weather external challenges while maintaining economic momentum. Azour pointed out that the non-oil sector has been a major driver of this growth, with its expansion rate ranging between 4.5 and 5.5 percent in recent years. This consistent performance underscores the vital role the non-oil sector plays in diversifying the country’s economy. Additionally, Azour noted that oil revenues have continued to play a key role in strengthening overall economic growth.
As the UAE strives to build a more diversified and sustainable economy, the ongoing development of the non-oil sector remains a central pillar of its long-term strategy. The country's ability to adapt to global economic fluctuations while fostering growth in key sectors such as tourism, real estate, and technology further solidifies its position as a leading economy in the region.
Azour’s comments at the WGS reflect the IMF’s positive outlook on the UAE’s economic prospects, underscoring its growing resilience and forward-thinking policies in navigating a dynamic global landscape.
News Source: Emirates News Agency
