UAE’s GDP to grow 3.6% in 2021: Central Bank

UAE’s GDP to grow 3.6% in 2021: Central Bank

The UAE's non-oil gross domestic product is expected to grow by 3.6 per cent in 2021, state news agency Wam reported on Saturday citing central bank estimates, suggesting the economy will rebound from an expected contraction in 2020.

The Central Bank of the UAE, in its second-quarter report on the economy, had recently said the non-oil economy was projected to contract 4.5 per cent for 2020 as a whole due to the Covid-19 pandemic. Total packages worth Dh388 billion ($105.6 billion) have been announced to support the economy.

The report comes as the committee responsible for the coordination and follow up of the implementation of the UAE's economic recovery plan held its second meeting on Saturday, in which it reviewed the progress in the 15 initiatives of the first phase, revealing that 46 per cent of implementations has been completed so far.

Major initiatives have been enacted to date, including amendments to the bankruptcy law, allocation of grants and incentives to tourism establishments, promotion of foreign direct investment through amendments to the commercial companies law, amendments to the commercial transactions law and the decriminalization of cheques without balance, reduction of fees