UAE’s economy shows remarkable ability to overcome virus impact

UAE’s economy shows remarkable ability to overcome virus impact

The UAE's top bank reveals that early recovery signs began to emerge in the second half of 2020. In 2020, the UAE's economy showed a remarkable ability to overcome the impacts of the coronavirus pandemic, with the Central Bank of the UAE revealing that early recovery signs began to emerge in the second half of 2020. The UAE is among the first countries to start this recovery phase, ranking first in the Arab region in the COVID Economic Recovery Index Ranking issued by the Horizon Research Group. In December 2020, the UAE government has received Aa2 rating in creditworthiness - which is the highest sovereign rating in the region - with a stable outlook for the national economy by the international rating agency, Moody's. This is another testament to the success of the country's financial and economic vision and policies, and the strength and stability of its economic, financial and credit sectors. In November 2020, Fitch Ratings awarded the UAE's federal government with an AA- rating with a stable outlook. In its report on the UAE's sovereign credit profile, Moody's pointed out that the country's credit strength is supported by a high GDP per capita, as well as by its