UAE economy to rebound in 2021, grow 3.3%: IMF

UAE economy to rebound in 2021, grow 3.3%: IMF

The UAE and the neighboring Gulf economies will rebound strongly next year as the Covid-19 coronavirus situation is expected to normalise, according to International Monetary Fund's World Economic Outlook released on Tuesday.. The UAE economy will see a 3.3 per cent growth in 2021, the IMF said, while predicting a 3.5 per cent contraction this year.. The decline in the UAE and regional countries is in line with contraction of the global economy and other major economies.. Saudi Arabia, the region's largest economy, will shrink 3.9 per cent, Qatar by 4.3 per cent, Kuwait by 1.1 per cent and Oman by 2.8 per cent.. But all the economies will rebound strongly as world economy will pick pace, resulting in higher oil prices and increase in growth of non-oil sectors.. Nirav Shah, director of Fame Advisory DMCC, said as dust settles down next year, public and private sectors will resume full throttle economies will definitely take off.". Plus, Expo 2020 will give a further boost to the economy.". Even in the tumultuous times, he said, certain sectors such as healthcare pharmaceutical, medical equipment sector and food sectors are still in great demand.". The sectors will continue to lead even in coming