It kept the growth forecast this year at 6.5 percent to 7.5 percent, taking into account the economic expansion of 7.7 percent in the first three quarters which already exceeded the target range. READ:
It kept the growth forecast this year at 6.5 percent to 7.5 percent, taking into account the economic expansion of 7.7 percent in the first three quarters which already exceeded the target range.
DBCC is composed of the heads of the Department of Finance, Department of Budget and Management and National Economic and Development Authority. The DBCC said poverty incidence would gradually improve, likely reaching the 9 percent target by 2028. The assumption for the price of Dubai crude oil for 2022 was slightly adjusted to a range of $98 to $100 per barrel considering global supply constraints on oil. This is seen to gradually slide to $80 to $100 per barrel in 2023, before stabilizing at $70 to $90 per barrel in 2024 to 2028.
It said that as domestic demand recovers, goods imports growth projection for this year was increased to 20 percent and revised to 4 percent in 2023. Exports growth was lowered to 4 percent in 2022 and 3 percent in 2023, but was expected to stabilize at 6 percent in the medium term.
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