This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your finances. We have revised our 2017 forecasts to take into account the recent set of oil production and economic data. Dubai uae economy will continue to remain attractive in 2017 amid recovering oil prices and growth in public and private sector activities. The staff report prepared by a staff team of the imf for the executive boards consideration on july 20, 2016, following discussions that ended on may 9, 2016, with the officials of the united arab emirates on economic.
Trump takes a limousine lap before daytona 500 auto race. According to the economic report 2018 released by the uae s ministry of economy, the estimated gdp for 2017 rose by 0. While employment growth slows, consumption growth remains solid, supported by wage growth picking up as the labour market tightens further. According to the bmi, burundi will post an economic growth of 1. Digital tax stamp must for waterpipe tobacco, ecigs in uae. Real gdp growth will pickup in 2020 with the hosting of expo 2020, and higher oil prices. The latest mena economic monitor report spring 2016, expects the uae s growth to recover slowly, averaging 2. Over the course of 2018, the central bank of the uaes overall augmented economic. It also features the uaes strong capabilities in terms of readiness to cope with change.
Global growth consolidates but risks remain on balance, growth forecasts for 201718 are largely unchanged. United arab emirates economic outlook spring 2016 pubdocs. Despite falling commodity prices, africas external financial flows have remained stable overall. The economy of thailand is dependent on exports, which accounts for more than twothirds of. Emirates nbd research provides detailed coverage of 16 gcc and mena economies, analysing them from a top down macro and strategic perspective as well as by a bottom up sector by sector approach. Algeria, iraq, the united arab emirates, saudi arabia, and, to a lesser extent, oman have focused on capital spending cuts. Calculated from the imfs world economic outlook database, in the period. Looking forward, african economic growth is projected to accelerate to 4percent in 2019 and 4. United arab emirates gdp growth dips in 2016 as fiscal austerity bites. Uae weathers challenges abu dhabi has been not idle in the face of lower oil prices, continuing to cut spending and to consolidate key sectors of the economy the business. Economic outlook 2016 disclaimer this publication contains general information only, and none of deloitte touche tohmatsu limited, its member firms, or its and their affiliates are, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services.
The duration of the outbreak and its impact on global travel and trade present considerable downside risk to the outlook. Over the past years, the uae has witnessed sustained economic growth and made great strides in. The projections in this economic outlook offer the prospect that fiscal initiatives could catalyse private economic activity and push the global economy to the modestly higher growth rate of. A possible transfer of power in abu dhabi from the current ruler, who. The ministry of economy is pleased to launch its comprehensive annual economic report 2016, which contains the latest regional and global economic figures and statistics.
The economic outlook is expected to moderate amid lower oil prices. There is a slight positive bias for the eurozone and especially china, where we expect 6. Beyond 2017, overall gdp growth is expected to recover to 2. The government is focusing on the uae becoming the economic, touristic and. United states growth is projected to slow in the coming two years as macroeconomic policy becomes less supportive. Industrial development in the united arab emirates 64 v.
The tanzania economic outlook 2016 report provides an. Table 2 united arab emirates macro poverty outlook indicators annual percent change unless indicated otherwise 2015 2016 2017 e 2018 f 2019 f 2020 f real gdp growth, at constant market prices 3. Outlook for uae economic growth improves, poll says. Economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. World economic situation and prospects 2019 the united nations. Awareness about sustainability has gained momentum in the uae. Uae national bureau of statistics, national accounts division during the years preceding the global economic crisis the uaes economy was performing fairly well. This page has economic forecasts for the united arab emirates including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the the united arab emirates economy. Regional economic outlook update for the middle east and central. Rwanda economic outlook 2016 the story behind the numbers. The national is the middle easts leading englishlanguage news service bring you the latest news, opinion and features from the region and internationally. Learn how the world bank group is helping countries with covid19 coronavirus. Mar 23, 2015 economic projections based on economic data, it can be stated that uae economy is getting diversified whereby nonoil sectors are starting to contribute more with time.
Announces an expansionary budget for 2016 planned government spending increases by 12% dubai has announced an expansionary budget for 2016, with planned government spending at aed46. New economic substance rules introduced by tax havens. According to the economic report 2018 released by the uaes ministry of economy, the estimated gdp for 2017 rose by 0. Building on the 2016 outlook focus on the role of innovation in promoting competitiveness, uae outlook 2017 will address how innovation and entrepreneurship drive growth and diversification. To discuss the implications of global and regional economic trends and prospects for the uae economy. Indeed, the diversification of the uaes economy away from oilbased industries has led. The united arab emirates in the postglobal crisis are challenged, therefore, by a weaker global demand, but also by competition from other countries and more stringent global financial markets. Kpmg in the united arab emirates kpmg united arab emirates. The uae will remain politically stable in 202024 despite rising regional tensions centred on iran. Kpmgs tax flash examines and discusses the recent tax developments in the uae and the wider gcc region. Overall growth picked up in early 2018 driven by nonoil activity, the spike in oil production and improved market sentiment. Current spending reductions are an important part of the adjustment process in bahrain, oman, and qatar.
United states economic outlook 2nd quarter 2017 4 2. In line with recovery in other parts of the region, uaes economy will continue to gain momentum in 2018, driven by an expanding nonoil sector, policy recalibration, and massive infrastructure investments. Restrictions on movement of people, goods and services, and containment measures such as factory closures have cut manufacturing and domestic demand sharply in china. Distribution of the workforce across economic sectors uae 2016. In q4 2018, however, economic momentum appears to have taken a hit due to the sharp deceleration. Sharjahs economic outlook, united arab emirates, snapshot. Taxation in united arab emirates the united arab emirates uae is located on the southern coast of the arabian gulf and is a federation of seven emirates, abu dhabi, dubai, sharjah, ajman, umm al quwain, ras al khaimah and fujairah. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uae s growth to recover slowly, averaging 2. As low oil prices have persisted, the economy has slowed further, with growth projected at 2. With some caveats, the early data suggests that the inflationary impact of the tax has been contained, the impact on growth is limited and in saudi arabia it has raised more revenue than was initially expected.
One of the main lessons of the recent global economic crisis for the emerging market economies. The first day will feature presentations and discussions focused on the opportunities and challenges shaping dubai and abu dhabis economic prospects for 2017. Economy profile of united arab emirates doing business 2020 indicators in order of appearance in the document starting a business procedures, time, cost and paidin minimum capital to start a limited liability company. United arab emirates economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects the uaes growth to recover slowly, averaging 2. The recent world trade organization wto estimates state that the world trade will record growth of 1. Economic indicators for the united arab emirates including actual values, historical data charts, an economic calendar, timeseries statistics, business news, long term forecasts and shortterm predictions for the united arab emirates economy. We also take a deep dive into the economic impact of the vat roll out in the uae and saudi arabia. Coronavirusrelated economic disruptions are the key risks to the outlook. Global economic conditions arab stock markets gulf economic situations gross domestic. Uae ministry of economy sharjah s fiscal deficits are forecast to reach 14% of gdp by the end of 2016. The uaes economy slowed last year according to recently released figures from the federal competitiveness and statistics authority fcsa, in line with other countries across the middle east. Burundi economic outlook 2016 the story behind the numbers. Downward pressure on oil prices, airtravel demand and tourism levelswith the key expo 2020 event at riskwill all hit growth prospects.
These quickresponse articles analyse key events in terms of how we expect them to affect our political and economic forecast, and are closely tied to the structure of our country report service. July 20, 2016 consideration of the staff report that concluded the article iv consultation with the united arab emirates. United arab recent developments emirates monetary policy. Growth was weak but stabilising until the coronavirus covid19 hit. Moodys affirmed its a3 longterm credit rating for the emirate of sharjah with a stable outlook in december 2016. The economy continues to experience a slowdown in economic growth as a. United arab emirates economic growth economic growth is expected to decelerate this year as stagnating output will weigh on the oil sector. Tanzania economic outlook 2016 the story behind the numbers. The economy continues to experience a slowdown in economic growth as a result of low oil prices. After outpacing the rest of the gcc in economic growth in 2017, the uae is set to almost double its expansion rate in 2018, the latest report by a panel of economists reveals.
Over the last 4 years since 2016, the uae economy is deploying all the efforts to return and. The united arab emirates gdp growth rate reached an alltime high of 9. Economic research uae economic update 22 december 2016 please refer to the disclaimer at the end of this report. Economic projections based on economic data, it can be stated that uae economy is getting diversified whereby nonoil sectors are starting to contribute more with time. The imf ascribed uae s potentially strong economic growth in world economic outlook report to the increased contribution of nonpetroleum sectors, which registered a growth average of more than 6% in 2014 and 2015. Progress in economic diversification, large buffers and safehaven status have strengthened the resilience of the economy. Strong business investment in 2019 and 2020 is underpinned by the recent tax. Uae economic outlook over the next six years from 2020 to 2025 and the. Outlook for uae economic growth improves, poll says the. The current account surplus is also projected to decline substantially, to. Uae economic growth set to double news khaleej times. Oil production capacity is expected to increase and the strength of the nonoil economy will boost prospects particularly later in the forecast period as megaproject implementation ramps up ahead of dubais hosting of expo 2020 expected to draw in 25 million visitors. The following table shows the contribution of the economic sectors in the gdp for 2017. The gcc in 2020 outlook for the gulf and the global economy.
Tanzania economic outlook 2016 the story behind the. Uae economic outlook 2015 towards a knowledge based economy. New economic substance rules introduced by tax havens brought into force from 1 january 2019 february 2019 04 outlook for the uae the uae is part of the eus grey list, after being removed from the blacklist, following its commitments made to remedy eu concerns and to implement beps related measures. Announces another expansionary budget for 2017, investments in focus investment spending to increase by 27% dubai has announced an expansionary budget for 2017, with planned. The united arab emirates economic freedom score is 76.
Uaes real gdp growth is estimated to have recovered from 0. Latest tax developments in the uae and the wider gcc region. Pdf external financial flows and tax revenues for africa. United arab emirates economic forecasts 20202022 outlook. Uae economic outlook aims at highlighting the economic forecast reports which observe the economic development outlook in the uae in general, and abu dhabi and dubai in particular. The uae will remain politically stable in 202024, despite regional tensions centred on iran. And staff report under article iv of the imfs articles of agreement, the imf holds bilateral discussions with members, usually every year. Uae and some of the worlds economic giants such as the united states, the uk, the european union, china, japan and other asian countries which are experienced in terms of readiness in managing risks and global economic shifts in the future. It is expected that uaes gdp will grow between 4 to 5 per cent in 2017 2020 period from approximately 3 percent in 2016.
The latest mena economic monitor report spring 2016, expects the uaes growth. Uae economic outlook 2017 getting a head start on tomorrow. Macroeconomic overview the united arab emirates gdp increased by 0. It also features the uae s strong capabilities in terms of readiness to cope with change. The impact on the rest of the world through business travel and tourism, supply chains, commodities and lower. Emirates palace, abu dhabi agenda day one tuesday, december 8th. According to the june 2016 figures of sovereign wealth fund institute, abu dhabi. However, due to dramatic dip in oil prices, uaes gdp is expected to grow at a modest pace in 2015. The country witnessed the market maturing, adjusting and reacting to internal as well as external factors. In the context of the 2015 article iv consultation with. International monetary fund imf expected uae s economic growth to increase to 4. Raed safadi, executive director, economic research and policy division, dubai ded. United arab recent developments emirates monetary policy is.
Dec 28, 2015 economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. By danny sebright while global markets fluctuated in 2016 due to the combined impact of international disputes, falling oil prices, and political shocks, the uae has been able to avoid major economic setbacks thanks to its continued development of nonoil based industries. Oecd and united arab emirates renew partnership to strengthen tax cooperation today, the oecd and the united arab emirates signed a renewal of the memorandum of understanding agreeing to extend their collaboration in providing regional seminars on international taxation for a further three year, to 2021. Despite significant reforms, the fiscal deficit has widened and external bal ances deteriorated. The 2004 financial sector reform master plan provides tax breaks to. The uae is expected to implement a gccwide value added tax vat by 2018, and is considering increasing excise taxes and introducing corporate tax. Innovation and entrepreneurship for sustainable growth and diversification.
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