In a new look at the country’s financial outlook, the United Arab Emirates (UAE) is forecast to experience 5.7% economic growth after joining BRICS. Indeed, the nation’s economy is expected to see rapid growth throughout 2024, with reduced inflation projections.
The UAE was one of six countries included in the BRICS’ first expansion effort. It joined Saudi Arabia, Egypt, Ethiopia, Iran, and Argentina. However, following the latter’s rejection of its invitation, 2024 will see only five nations join the rapidly growing economic alliance.
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UAE Economy to See Continued Boost in 2024
Throughout the year, the growing relevance of the BRICS alliance has been a major talking point. Indeed, its first-ever expansion initiative was set to have increased geopolitical implications. Subsequently, one of the nations included in that effort is already experiencing the benefits.
According to the UAE’s Central Bank, the country is poised to see its economy grow 5.7% in 2024 when it joins the BRICS alliance. Moreover, the projections have shown a decrease in inflation projects for both the coming year and the conclusion of 2023.
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The UAE had previously expected an increase of 4.3%, with the current forecast upgraded with the new figures. Additionally, they are reportedly impacted by an unexpected increase in overall oil production set to take place this year. Interestingly, the Central Bank also downgraded its growth decrease for 2023 to 3.1%, compared to the previously stated 3.3%.
The country is poised to be a massively important part of the BRICS alliance in the coming year. Subsequently, it should be noted that increased cooperation is bound to take place in 2024. Overall, how the circumstances shape out should continue to have an impact on the global power balance.