Vaccination rollout and government spending underpin #UAE recovery, Central Bank says | The National

Vaccination rollout and government spending underpin UAE recovery, Central Bank says | The National

The accelerated roll out of vaccines in the UAE coupled with government efforts to maintain spending and diversify the economy will support a strong rebound this year, according to the governor of the central bank.

"The rapid pace of vaccination is a great comfort, and the UAE is well on target to inoculate more than 50 per cent of its population by March 2021," Abdulhamid Saeed Al Ahmadi, said on Tuesday.

"We predict a strong return to growth in GDP for the UAE in 2021 as the government continues to diversify the economy, provide strong infrastructure spending and encourage private investment both as a measure of growth and private employment."

Although the final figures have yet to be confirmed, global economic output, as well as the UAE’s GDP, are likely to be "subdued" for 2020 with a contraction in the range of 3.5 per cent and 6 per cent approximately, Mr Al Ahmadi said said.

"The good news is that most predictions for 2021 are optimistic and signal a return to growth throughout the year," he added.