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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
United Arab Emirates GDP Growth Rate by Year (1971-2023)
The United Arab Emirates' GDP growth rate has experienced substantial fluctuations since 1971, with both rapid expansions and significant contractions influenced by oil market dynamics. In the early 1970s, growth surged, peaking at 76.6% in 1973 due to the oil boom. However, the country faced a sharp deceleration by 1978, with growth plummeting to -1.6%. The oil price collapse of the mid-1980s led to a major contraction in 1986, recording a -15.0% rate. Economic reforms and diversification efforts contributed to periods of recovery, including a 20.9% rebound in 1979 and consistent growth in the late 1990s. The global financial crisis in 2009 caused a contraction of -5.2%, followed by gradual recovery and growth stabilization. The COVID-19 pandemic led to another setback in 2020 at -5.0%, but recovery was strong, with a rebound to 7.9% in 2022 as oil prices rose and economic diversification initiatives progressed.
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