The UAE Central Bank expected the economy to grow 4.2 percent in 2022, an increase from the 2.1 percent growth rate it achieved last year. The expectations of the Central Bank, which were mentioned in its last quarterly report on the economy, are more optimistic than the expectations of the International Monetary Fund, which showed that the UAE economy will grow by 3 percent this year.
According to the Central Bank, real non-oil GDP is expected to rise by 3.9 percent, due to the continued increase in public spending and the positive outlook for credit growth, job creation, and improving business sentiment. While oil GDP is expected to grow by 5 percent in 2022, which reflects the expected increase in demand, after vaccinating the majority of the world's economies.
Central Bank data showed an increase in the monetary base by 1.5 percent, from 455.1 billion dirhams (123.8 billion dollars) at the end of October 2021 to 461.7 billion dirhams (one billion dollars) by the end of November 2021. This came as a result of an increase of 2.6 percent and 9.8 percent in issued cash, certificates of deposit and cash bills, while the reserve account, current accounts and overnight deposits for banks and other financial institutions decreased by 5.4 percent and 8.1 percent, respectively.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
