UAE’s GDP growth for 2020 to contract by 5.2% – Central Bank

UAE’s GDP growth for 2020 to contract by 5.2% – Central Bank

The UAE economy is expected to face further contraction, with a decline in GDP of 5.2 percent in 2020 compared to an earlier forecast of a 3.5 percent decline, mainly due to business setbacks triggered by the coronavirus pandemic.In the UAE, many activities shut down in March, and the situation further deteriorated in the second quarter, resulting in negative real GDP growth in Q2 dropping an estimated 7.8% Y-o-Y, the Central Bank of UAE (CBUAE) said in its quarterly review."During the second quarter, there was a significant decline in economic activity in the UAE due to lockdowns which started in March and continued up to May. As a regional trade, tourism and transportation hub, the UAE economy was hit by the general ban on travel, while manufacturing production shrunk due to