UAE’s economic recovery gaining momentum: IMF

UAE’s economic recovery gaining momentum: IMF

IMF commends UAE’s successful efforts to address the effects of Covid-19

Published: Sat 19 Feb 2022, 3:07 AM Last updated: Sat 19 Feb 2022, 3:08 AM

The International Monetary Fund (IMF) has commended the UAE on its successful vaccination programme and said economic recovery in the country is gaining momentum with the help of the government’s supportive measures by quickly addressing the effects of the Covid-19 pandemic.

After the conclusion of its executive board’s consultations with the UAE authorities, the fund projected a faster real GDP growth rate of 3.5 per cent for 2022 as compared to 2.2 per cent for 2021, purely driven by the non-oil sector which will grow at 3.4 per cent this year.

“The economic recovery is gaining momentum, supported by the UAE’s early and strong health response, continued supportive macroeconomic policies, and rebound in tourism and domestic activity related to the delayed Expo 2020. Overall GDP growth is projected at 2.2 per cent in 2021, driven by non-oil growth of 3.2 per cent. Real oil GDP growth is expected to be close to zero this year in line with the Opec+ agreement,” IMF said in the country review.

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