UAE set for gradual recovery, but COVID-19 risks cloud outlook, IMF says | Reuters
The United Arab Emirates is set for a gradual economic recovery, thanks in part to its strong response to the coronavirus crisis and a rebound in tourism, the International Monetary Fund said, but the risk of a pandemic resurgence clouds the outlook.
The Gulf's second largest economy suffered a deep recession last year as curbs against the COVID-19 pandemic hurt vital sectors such as trade and tourism, while record low oil prices weighed on petroleum revenues.
The IMF estimated a contraction of 6.1% in gross domestic product in 2020, but said the recovery had begun to gain momentum.
"A gradual recovery is expected in 2021, supported by the UAE’s early and strong health response, continued supportive macroeconomic policies, and rebound in tourism and domestic activity related to the delayed Expo 2020, set to begin in October," the IMF said in a statement on Thursday.
No comments:
Post a Comment