Abu Dhabi, Bahrain, Gulf News: S&P Economic Forecasts - Bloomberg:
Abu Dhabi’s economy will contract 7.5% this year, S&P Global Ratings said, citing lower oil production and the coronavirus pandemic.
“Abu Dhabi’s fiscal position is underpinned by hydrocarbon revenue and affected by oil-price movements, despite the government’s efforts to increase non-oil revenue,” the agency wrote in a report dated May 29.
The ratings company said Abu Dhabi’s economy may recover gradually from 2021, on the back of higher oil prices and improved domestic demand.
S&P expects the United Arab Emirates’ central bank to maintain the dirham’s peg to the U.S. dollar “backed by its foreign international reserves and the government’s large external assets.”
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