The Institute of International Finance (IIF) raised its forecast for the growth of the UAE economy next year to 5%, after it had expected a growth of about 3% in 2022, in its previous report on the country's economy in March 2021.
IIF expects the real GDP of the UAE to grow by about 2.2 percent this year, after it faced a downturn last year as a result of the consequences of the Covid-19 pandemic. The institute believes that the path of recovery and economic growth for the Emirates will continue, driven by several positive factors with signs and indications that reflect the start of the recovery of economic activities across many sectors. Adding that hosting the Expo 2020 Dubai this year is a positive factor that will drive further growth.
According to the institute, the successful and large-scale vaccination program, in addition to the continuous rise in international oil prices, are among the supporting factors for the continued recovery and growth of the UAE economy in the current and next years. The global economy is expected to recover strongly and grow at a rate of 5.8 percent by the end of this year and 4.8 percent next year. Adding that It is likely that the pace of recovery from the consequences of the pandemic will be unbalanced among global economies.
Source (Al Khaleej Newspaper-UAE, Edited)
