The International Monetary Fund (IMF) has predicted higher economic growth for the Arab World in 2024, compared to the previousyear.
In an interview with national news agency WAM, ahead of this year's World Governments Summit (WGS)'s Eighth Arab Fiscal Forum, Managing Director Kristalina Georgieva said total GDP growth in the Middle East will reach 2.9 per cent, surpassing the figures from 2023.
Despite prevailing global uncertainties, she expressed greater confidence in economic forecasts, citing the resilience of the global economy.
The IMF official also anticipated a decline in global inflation rates for 2024, while underscoring that medium-term global growth prospects remain at around 3 per cent, compared to the historical average of 3.8 per cent.
WGS 2024, themed Shaping Future Governments, kicked off in Dubai on Monday with over 4,000 participants from various sectors engaging in 110 interactive sessions. The sessions feature 200 speakers from 80 international, regional, and intergovernmental organisations.
As trade ministers from around the world gather in Abu Dhabi on Monday for a World Trade Organisation (WTO) meeting, the UAE leaders have extended the country's support to set new global commerce rules.
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In the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), on Sunday honoured the first 30 graduates of the Global Future Trade Leaders Programme - a course designed to develop the Emirati trade negotiators of the future.
Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, has announced that the UAE will provide a US$10 million (AED 36.7 million) grant to support several key initiatives of the World Trade Organisation (WTO).