2018 was a mixed year for many businesses. Some industries did it tough whilst others such as the tech and IT industries went from strength to strength.
What does 2019 have in store for us? If you want to know what lies ahead then take a look at Creation’s forecasts below.
Many economic analysts have announced that the outlook for UAE’s economy is highly positive in spite of global headwinds. UAE’s gross domestic product (GDP) is expected to grow 3.7 percent this year, which is higher than the 2.9 percent forecast for 2018 and the 0.8 percent growth achieved in 2017, according to the latest economic outlook figures from the International Monetary Fund (IMF).
Juma Mohammad Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, revealed “Geopolitical developments are unlikely to moderate the economic growth of the UAE, a trend in line with IMF projections of strong growth in the country in 2019. The positive outlook for the country’s economy has been affirmed by the advanced ranking across several global competitiveness indices”.
UAE has jumped 10 places in the World Bank’s Ease of Doing Business ranking to 11th position globally in 2019, up from 21st position in 2018 and remains the leader in the Arab world for the sixth repeated year. This is an attractive pull factor for those looking to setup a business in Dubai. The UAE is fast closing in to become one among the top 10 in the Ease of Doing Business ranking of 190 countries by the World Bank making the country even more appealing for foreign direct investors looking to expand or start a business in Dubai. Furthermore, the UAE is the most competitive economy in the Middle East & North Africa region, according to the IMD World Competitiveness Center. Overall, we predict the UAE economy is on track for steady growth.