Full UAE recovery in 
2022: Central Bank

Dubai - The economic activity in the UAE continued its recovery in the fourth quarter of 2020.

The UAE will have a full recovery in 2022 while pivoting to positive growth this year after recording a deep contraction in 2020, the Central Bank of the UAE said on Thursday.

The road to full recovery will be driven by a continued surge in fiscal spending, healthy banking sector credit growth, strong improvement in employment and recovered business sentiment, with part of Dubai Expo 2021 taking place in 2022 as well, the apex bank said.

For 2021 and 2022, CBUAE foresees real total GDP to resume growth by 2.5 per cent and 3.5 per cent, respectively, and non-hydrocarbon real GDP to grow by 3.6 per cent and 3.9 per cent, respectively. “However, economic projections include exceptional uncertainty amidst Covid-19 repercussions and are thus subject to revisions,” the CBUAE said in its Quarterly Economic Review.

The economic activity in the UAE continued its recovery in the fourth quarter of 2020.

issac@khaleejtimes.com