The International Monetary Fund said that the UAE economy is on the path to a gradual recovery, after suffering from a deep recession due to the repercussions of the Corona pandemic.
The Fund explained in its report that this recovery comes after the Gulf state's early response to the health crisis and the continuation of supportive macroeconomic policies, in addition to revitalizing the tourism sector with the launch of the Expo. 2020 global.
The Fund indicated that the UAE's GDP contracted by 6.1% in 2020, noting that the economic recovery began to gain more momentum by 2021.< /p>
In addition, the UAE Central Bank forecast economic growth of 2.1% this year, with 3.8% growth in non-oil and gas sectors.
The International Monetary Fund indicated that the growth of the UAE's non-oil GDP may exceed 3% this year, while the rise in crude production will support the oil sector, which will It would raise internal and external financial balances.
With regard to the UAE banking sector, the Fund stressed that liquidity in the sector is still strong, while the quality of banks' assets has declined and may still have more impact of the crisis on its balance sheet. public.
It is worth noting that the UAE recently accelerated the pace of economic reforms aimed at attracting talent and promoting trade and foreign investment to ensure inclusive growth.
