The DBCC, a body tasked agency body tasked to set the government’s macroeconomic assumptions, revised its inflation forecast for this year to five percent to six percent from the previous range of five percent to seven percent.
On the other hand, the DBCC maintained its gross domestic product forecast at six percent to seven percent for 2023. In the first quarter of the year, the economy expanded by 6.4 percent, making the country one of the best-performing economies in the Asia-Pacific Region.Moreover, the assumption for the price of Dubai crude oil for 2023 to 2024 is maintained at $70 to $90 per barrel before stabilizing to $60 to $80 per barrel in 2025 to 2028.
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