The International Credit rating Agency "Fitch" expressed optimism about the economic growth of the UAE and the rapid recovery from the consequences of the pandemic, expecting that the UAE economy will grow at a rate of 2.8 percent during the current year, and that growth will jump next year to 4 percent.
The agency estimated that the UAE would record a budget surplus of 1.8 percent this year, and about 1.6 percent during the next year, because of the rise in oil prices.
In a recent report on the economies of the Middle East, the agency stated that the UAE enjoys a stable AA-rating, which reflects the low level of government debt, the strong external financial situation, and the significant rise in per capita GDP.
"Fitch" expects government debt to rise to 43.6 percent of GDP in 2022, given Abu Dhabi's preference for relying on debt rather than withdrawing assets. The agency expects the UAE to record a current account surplus of 5.1 percent of GDP this year, and about 3.2 percent next year.
Source (Al Khaleej Emirati Newspaper, Edited)
