UAE expected to witness strong return to GDP growth in 2021 – CBUAE Governor

UAE expected to witness strong return to GDP growth in 2021 – CBUAE Governor

UAE - Mubasher: The Governor of CBUAE, Abdulhamid M. Saeed Alahmadi, expected a strong rebound for the country's gross domestic product (GDP) growth in 2021.

Alahmadi confirmed that the UAE government continues to diversify the economy, fund infrastructure improvements, and encourage private investment, according to a statement on Tuesday.

Despite the rapid spread of coronavirus (COVID-19), the COVID-19 vaccination campaign continues at rapid pace to enable the country to return back to normal.

The CBUAE Governor forecast that the UAE's GDP would contract in the range of 3.5% and 6% in 2020, referring that the final figures for global GDP and the UAE's GDP have yet to be confirmed.

Meanwhile, Alahmadi remarked that the utilisation of the CBUAE's Targeted Economic Support Scheme (TESS) programme decreased to around 50% from its peak, indicating that "banks are now gradually coming back to manage their credit books and navigate the way forward."

In December, the CBUAE reported that the UAE's non-oil GDP is expected to grow by 3.6% by the end of 2021.