The stock market now, as in 2015, has to deal with these same macroeconomic issues. Banks incorporated in abu dhabi and dubai hold the lions share of total domestic assets. The 2018 outlook for debttogdp ratio is projected to be 73%, slightly lower than 2017, mainly owing to robust economic growth expectations. Economic outlook 3 economic growth we are now seven years into the recovery and economic growth is increasing at a steady pace. Ucla anderson forecasts second quarterly report in 2015 for the united states indicates that the nations economic growth, for the second year in a row, was slowed by inclement weather experienced during the first quarter of the year. Economic growth in the nt is expected to receive a boost from increasing exports. Sector economics best bank in dubai and uae emirates nbd. 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. They do not represent an official position of the federal reserve bank of richmond or the federal reserve system. African economic outlook 2015 african development bank. United arab recent developments gres and higher fees. Current strengths and weaknesses of the uae economy. California expects steady improvement in employment rate. Economy profile united arab emirates doing business 2020 united arab emirates page 1.
June 2015 economic outlook ucla anderson school of management. Michigan wage and salary employment increased an estimated 0. 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. Economic outlook report 2018 03 dear our valued clients, we are very pleased to release the economic outlook report 2018 to you. Economic outlook latin america 2nd quarter 2017 3 1. Economic outlook report 2018 deloitte united states. From fy 2015 16 to fy 2021, the forecast20 projects that general fund revenues will in. Other indicators described in this forecast also suggest underlying economic strength. With an estimated 70% of the uae s population within the 2039 year age bracket and with a rising gdp per capita, the uae s automotive sector growth outlook is positive.
Economies are listed on the basis of economic size. Mohammed saleh shalwah, the adviser to the uae minister of economy dr. May 07, 2015 national economic outlook virginia asian chamber of commerce. The world economic outlook weo is a survey by the imf. In view of the ambitious outlook of the economy and.
Economic research uae economic update 28 december 2015 please refer to the disclaimer at the end of this report. The economy unexpectedly contracted in the first half of 2015. Trade preferential system among the member countries of the oic. Beyond 2017, overall gdp growth is expected to recover to 2. Economic outlook for 2018 must contend with approaching recession the u. Building on upward momentum over the second half of 20. Tourisms contribution to dubais economy revealed the. Chapter i global economic outlook prospects for the world economy in 2015 2016 global growth prospects the global economy continued to expand during 2014 at. September 2015 economic outlook ucla anderson school of. The november 2017 edition of the economic outlook projects 2. Economic outlook for 2016 berkshire money management. In addition, uncertainty created by low oil prices and the provinces fiscal deficit is expected to continue to negatively affect consumer and. Troubled emerging markets are the main source of weakness and concern. This report is compiled with highlevel update and summary of the market conditions and impactful economic highlights.
The imf again marked down its outlook for the global economy. The outlook for global economic growth looking the healthiest it has for several years. Atradius economic outlook november 2015 ero111501en. Abdulrazak al fares, chief economist, dubai economic council. Unctad creative economy outlook and country profile report 2018. Real effective exchange rates are assumed to remain constant at the levels prevailing during may 4june 1, 2015.
Going into 2016, the concerns are eerily similar to those of 2015 stretched valuations, belowtrend economic growth, falling oil prices affecting the energy sector, the implications of a stronger dollar, and uncertainty regarding the movement of the fed. Coronavirusrelated economic disruptions are the key risks to the outlook. Macroeconomic overview the united arab emirates gdp increased by 0. The imf ascribed uaes 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. The estimate of uae s population was revised upwards and will reach roughly 10. Michigan wage and salary employment is expected to record slight growth and personal income is expected to show modest growth. Lee served as the ambassador for international cooperation. Tourism should also get a boost from the relatively low level of the australian dollar. The economy of the united arab emirates or uae is the second largest in the middle east. The imf ascribed uaes potentially strong economic growth in world economic outlook. If the regions economic outlook for 2016 could be described in four words, they are, slow but steady growth. Link global economic outlook 20152016 united nations. Given the feds reversal, low sovereign rates and ongoing trade negotiations, we have adjusted our.
Imf in the region, iran will be the worst hit country, contracting 6. Dubais economic growth will accelerate in 2019 and 2020. Growth in the us economy in 2015 is expected to be stronger than forecast three months ago, reflecting the boost to consumer spending resulting from lower energy prices. Looking forward, african economic growth is projected to accelerate to 4percent in 2019 and 4. The economic outlook for the united states in 2015 looks solid, though longer term. Key points the global economy is expected to grow just 2. Growth so far has failed to create the amount and quality of jobs that. Imf, world economic outlook update, july 2015 note.
Contributory factors included reduced concerns about us economic policies and the perception that the us federal reserves interest rate hikes will be gradual. Summary financial markets in latin america continued to show significant gains in the past few months. Economic outlook july 2015 domestic economic prospects 5 downside risks to the global economic outlook have increased with the augmented geopolitical tensions and the effects of phasing out quantitative1 easing by the united states. Over the past six months, the outlook for the canadian economy has deteriorated.
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. It also has an important locallevel impact because it employs high numbers of women. Widespread geopolitical tensions, social unrest and weak health systems pose downside risks. In the rest of east asia, the economic outlook is little changed and growth is expected to remain at around its decade average. But the real gdp growth rate is expected to fall from its current level of growth. Jan, 2017 slow growth, low economic participation, and a high cost of living are the foremost economic trends as the calendar changes to 2017. In the face of unprecedented global change, the uae as a nation has remained. Atradius economic outlook 4 executive summary the global economy has entered turbulent water. Budget 2015 economic and fiscal outlook incorporating economic and fiscal statistics and tables contents page economic developments and outlook c.
I have an updated economic forecast for 2016 and 2017, including business todo lists for the new year. Federal re serves drastic interest rate cuts and decision to not only restart its crisisera quantitative easing program but also to make it openended i. The economy of the united arab emirates has slowly been climbing the ranks of the mostly free since 20. The economic recovery, such as it was, has been over for a year. Net service exports increased noticeably over 2015. Egypt, where the united arab emirates uae are establishing a firm foothold, investing. We trust that you will find the report a useful resource as you plan your real estate investment and management strategies for the coming year. However, pentup demand for housing and low energy pricescould enhance the outlook for the state and national economies. Economic and financial market outlook september 2015 balancing act.
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. The stock market looks as robust as ever, smashing new records in all major indices. September 2015 economic outlook interest rates are going up. Launch of the oecd economic outlook, november 2015 oecd. Measures to contain the covid19 outbreak will weigh heavily on domestic activity, while external demand will be limp. According to a report in khaleej times, international monetary fund forecasts that the gross official reserves of the uae would grow from usd 76. Despite a slow start to 2017, activity is expected to grow between 22.
United arab emirates economic growth economic growth is expected to decelerate this year as stagnating output will weigh on the oil sector. 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. Economic outlook to be released at oecd forum wednesday 3. Gdp growth has topped three percent for two consecutive quarters. Outlook 2015 provides a comprehensive overview of investments in oic member countries under the theme of. Overall, international trade should be further strengthened by a weaker canadian dollar. Conversely, in many advanced economies, growth accelerated led by a robust increase in the us, a. Such contribution includes banking, tourism, commerce and. I would like to share with you the core messages of the oecds latest economic outlook, before handing over to alvaro pereira, director in the economics department, to provide more details.
The abu dhabi and dubai sovereign wealth funds have recorded lower returns 3 percent yoy fall in 2015 net profits resulting from global volatility. The economy of turkey is an emerging market economy as defined by the international. Over the course of 2018, the central bank of the uae s overall augmented economic. The result was a steady decline in dubai s property. We intend to remain overweight equities for the first half of 2018 and will continue to focus on the technology sector, which presents. Lower employment is expected to result in a decline in household income of 1. Downward pressure on oil prices, airtravel demand and tourism levelswith the key expo 2020 event at riskwill all hit growth prospects. Bureau of labor statistics october 2016, american institute for economic research 2014. A possible transfer of power in abu dhabi from the current ruler, who is in poor health, to the crown prince will go smoothly.
United arab emirates economic forecasts 20202022 outlook. Exports of creative goods by economic groups, 20022015. This aedc 3year economic outlook examines economic trends based on historical. Here are our forecasts for growth, as well as employment gains, for all 50 states. Economic outlook 2015 overview the rural industries and fisheries in the northern territory include cattle interstate and live export, other livestock buffalo, crocodiles and horses, horticulture fruit, vegetables, nursery and cut flowers and mixed farming field crops, hay and seeds, and forestry. The views and opinions expressed herein are those of the author. Table 2 united arab emirates macro outlook indicators annual percent change unless indicated otherwise 2014 2015 2016 e 2017 f 2018 f 2019 f real gdp growth, at constant market prices 3. This theme contains data about the population size of the emirate according to the population censuses conducted during the period 19752005 along. Recent forecasts from the imf indicate global economic growth is likely to continue its steady expansion with growth forecast at 3. Economic growth may be constrained by the projected contraction of the working age population. The economic outlook is expected to moderate amid lower oil prices. Dubai s economic growth will accelerate in 2019 and 2020, with tourism, logistics, transport, wholesale and retail sectors replacing the real estate as main growth driver next year, official data.
The uae will remain politically stable in 202024, despite regional tensions centred on iran. Jan 24, 2017 in fiscal year 2016, for the first time since 2009, the federal budget deficit increased in relation to the nations economic output. Growth in oil production will likely to moderate given the global supply glut. To discuss the implications of global and regional economic trends and prospects for the uae economy in 2015 and beyond. Better than 2014but not by much turn the page for everything you need to know to prosper in the coming year. Inbound tourism is improving after undergoing some weakness from late 2015 to mid 2016. The direct impact on the uae economy through airline traffic, tourism, real estate investment, and the financial sector is expected to be limited as trade with qatar accounts for less than 1 percent of the uae s total trade.
Download historical data for 20 million indicators using your browser. Economic and financial market outlook balancing act. Cbo projects that over the next decade, if current laws remained generally unchanged, budget deficits would eventually follow an upward trajectorythe result of strong growth in spending for retirement and health care programs targeted to older people and. Arrows for 2018 and 2019 indicate the direction of revisions since september 2018. Global growth has been sluggish in 2015 and risks abound for the 2016 outlook. The aggregated quarterly data are seasonally adjusted. Nonmining activity grew at an aboveaverage pace and growth was strongest in industries that provide services to households and businesses. It is a part of our constant endeavors to provide valuable insights to our clients. Inflation in the middle east and north africa fell from 5. Will california have enough housing and the right housing in the future. Regional economic activity will be depressed this year. The african economic outlook 2015 is the 14th edition of this annual report which results from a unique international. Economic outlook to be released at oecd forum wednesday 3 june 2015 260515the oecd will publish its latest economic outlook, containing analysis and projections for its member countries and other major economies, at 10.
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 dubai s hosting of expo 2020 expected to. 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. The uae economy has proven to be among the strongest economies regionally. The banking industry in the uae the banking sector in the uae is quite fragmented, with the market currently being served by 23 domestic banks and 28 foreign banks. Pendulum swings toward us economy supporting global growth the outlook for the global economy was muddied over the summer as the emerging market economies, led by china, weakened. The economy of the middle east is very diverse, with national economies ranging from. Lebanons economy is being rebuilt, especially by the remarkable growth of its industry.
1680 829 986 1258 704 651 1335 1171 26 1645 1197 1586 1477 419 1033 178 1039 196 1656 1186 894 501 1016 1486 196 1005 1327 596 712 666 127 1494 122 1218 714 387 502 532 619 1488 644