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UAE Economy to Grow 3.9% in 2024, Central Bank Projects

A general view of Abu Dhabi, UAE. (WAM)
A general view of Abu Dhabi, UAE. (WAM)
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UAE Economy to Grow 3.9% in 2024, Central Bank Projects

A general view of Abu Dhabi, UAE. (WAM)
A general view of Abu Dhabi, UAE. (WAM)

The United Arab Emirates' economy grew 3.6% in 2023, the Gulf state's central bank said in its annual report on Thursday, and projected overall output growth to rebound to 3.9% in 2024 on the back of a recovery in various economic sectors.

The UAE economy grew 4.3% year-on-year in the fourth quarter, preliminary government data showed last month, with non-oil economic growth vastly outperforming overall GDP, Reuters reported.

But a decline in oil activity last year on lower production and prices weighed on full year growth.

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China Issues Tax Refund Policies for Foreign Tourists to Boost Inbound Consumption

People walk in the Central Business District (CBD) area in Beijing in Beijing, China, 24 April 2025. EPA/WU HAO
People walk in the Central Business District (CBD) area in Beijing in Beijing, China, 24 April 2025. EPA/WU HAO
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China Issues Tax Refund Policies for Foreign Tourists to Boost Inbound Consumption

People walk in the Central Business District (CBD) area in Beijing in Beijing, China, 24 April 2025. EPA/WU HAO
People walk in the Central Business District (CBD) area in Beijing in Beijing, China, 24 April 2025. EPA/WU HAO

China said on Sunday it will improve tax refund policies for foreign tourists to boost inbound consumption, part of efforts to boost the economy as domestic demand remains tepid.

China will promote the expansion of tax refund stores in shopping areas, scenic spots, airports and hotels, according to a statement released jointly by the commerce ministry and other departments.

The minimum refund point for one overseas traveler in the same tax-refund shop on the same day will be lowered to 200 yuan ($27.45) from 500 yuan before, the statement said.