UAE economy to rebound fully next year – How will this impact your routine finances?

UAE economy to rebound fully next year – How will this impact your routine finances?

The UAE economy began to show hints of recovery in the second half of 2020, and is now on track to post growth this year - rebounding fully by 2022, according to the Emirates' central bank. But how does this affect your household spending and your fiscal matters in general? Read to find out more. Dubai: The UAE, the Arab world's second largest economy, is well on track to record growth in 2021, as per various economic indicators, as it tracks a gradual global economic recovery from the impact of the COVID-19 pandemic. Economic activity in the UAE continued its recovery in the last quarter and the economic growth is forecast to pick up to 2. 5 per cent and 3. 5 per cent, respectively in 2021 and 2022, according to the UAE Central Bank. This followed conservative estimates from the World Bank, which predicted that the Dh1. 52 trillion UAE economy would grow by 2. 4 per cent in 2022, after a contraction of 6. 3 per cent in 2020 and a one per cent rise projected for 2021. The latest central bank report said the residential real estate price decline slowed significantly in the fourth quarter of 2020,