The United Arab Emirates’ central bank stood by its forecast for a return to growth in 2021 after lower crude prices and pandemic restrictions hit the Arab world’s second-largest economy.
“Economic activity is still subdued but recovering,” Governor Abdulhamid Saeed Alahmadi said. The government will continue to diversify the economy, fund infrastructure improvements and encourage private investment, he said. In December, the bank forecast growth of 2.5% in 2021.
Utilization of a stimulus program of capital and liquidity measures to help the economy through the global health crisis has fallen to about 50% of its peak, he said, indicating “that banks are now gradually coming back to manage their credit books and navigate the way forward.”
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