Jihad Azour, the Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), has lauded the UAE‘s robust economic performance over recent years, highlighting its successful navigation through global challenges.
Azour pointed out the notable success of the UAE’s non-oil sector, which has been a key driver of the strong economic performance during this period. He emphasized that the country’s economic diversification strategy has significantly contributed to enhancing the efficiency of the private sector.
Regarding the importance of the World Government Summit, Azour mentioned that the IMF plays a strategic partnership role, annually hosting the “Public Finance Forum in Arab Countries” in collaboration with the Arab Monetary Fund.
This event gathers Arab finance ministers and central bank governors to discuss financial and economic outlooks in the region.
Azour also noted that the current focus of the World Government Summit includes climate finance, artificial intelligence, and international cooperation. Additionally, the IMF is set to release a series of studies during the summit’s activities.
On his outlook for Middle Eastern economies, Azour mentioned a downward revision for the 2024 forecasts by 0.5 percentage points, attributing this adjustment to geopolitical tensions and a temporary reduction in oil production in 2024.
The IMF projects the economies of the Middle East and Central Asia to grow by 2.9% in 2024, with an increase to 4.2% in 2025. Meanwhile, global economic growth forecasts have been raised to 3.1% in 2024 and 3.2% in 2025.
Azour concluded by stating that the economic performance of the region would vary in 2024, with expected uneven growth. However, non-oil growth is anticipated to remain strong, with positive signs of a global inflation rate decrease in 2024.
