The UAE is the second-largest economy in the Arab world. It is set to experience its most robust annual economic expansion in over a decade, according to UAE’s Central Bank. Following a Q1 2022 growth of 8.2 per cent and a 3.8 per cent total expansion in 2021, the International Monetary Fund (IMF) revised its economic growth forecast upwards for the UAE to a 5.1 per cent increase in real GDP, mainly driven by a rise in non-oil GDP. The Central Bank has estimated a 4.3 per cent expansion in non-oil GDP by the year-end, whilst the country’s PMI rose to 56.6 in October, up from 56.1 in September, according to S&P Global. Meanwhile, surging demand for international travel increased private sector spending, and Dubai’s dynamic economy ensures the country is well-positioned to realize its next decade of exceptional growth.
A pivotal factor in the UAE’s economic prosperity is its world-class healthcare sector, thanks to which the country’s Covid-19 precautionary measures proved incredibly effective – the UAE ranked among the top countries globally for its Covid-19 response. Additionally, over the past decade, the UAE has steadily reinforced its standing as the Arab world’s healthcare capital and is a rising star on the medical tourism world stage. As early as April 2014, the Crown Prince of Dubai, Shaikh Hamdan bin Mohammed Al-Maktoum, approved the Dubai Health Tourism strategy.
This story is from the February 17, 2023 edition of Newsweek Europe.
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This story is from the February 17, 2023 edition of Newsweek Europe.
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