UAE one of the quickest economies to reach its pre-pandemic levels: World Bank regional director

UAE one of the quickest economies to reach its pre-pandemic levels: World Bank regional director

ABU DHABI, 28th September, 2022 (WAM) -- The UAE has consolidated its position as one of the quickest economies to reach its pre-pandemic levels among GCC peers, said Issam Abousleiman, Country Director of the GCC Countries, Middle East and North Africa at the World Bank.

In an interview with the Emirates News Agency (WAM), Abousleiman said the UAE led the world with a successful vaccination programme in 2021, as well as its monetary and fiscal stimulus packages, which resulted in UAE’s economy to reach its pre-pandemic levels fast.

"Our projections suggest the UAE's economy will grow 4.7 percent in 2022 which is then expected to average 3.5 percent in the medium term. We project both fiscal and external balances to register surpluses of 4.4 percent and 13.7 percent of GDP; respectively, during 2022, according to the June 2022 projections. We are currently revising these forecasts, which will be published during our Annual Meetings in mid October," he explained.

He highlighted that Expo 2020 Dubai had a significant impact in bolstering the recovery's momentum. "The United Arab Emirates established itself as a major participant on the world stage and drew not just visitors but also economic investments. There was a wide range of economic