The UAE economy is expected to rebound this year from the effects of the “Covid 19” pandemic, according to the International Monetary Fund.
The non-oil private sector led this recovery after the country’s tourism industry recovered and “Expo 2020 Dubai” was organized, according to Jihad Azour, director of the Middle East and Central Asia Department at the Fund, who was speaking at the report’s release for the Middle East, Africa, and South Asia region. the oil industry’s revival, which will aid in recovery.
According to him, there are three main factors that will contribute to the UAE economy’s recovery in 2022: the first is the government of the UAE’s ongoing efforts to diversify its economy and lessen its reliance on oil export revenues; the second is the government of the UAE’s effective measures to support its economy as its various sectors deal with the effects of the pandemic.
Regarding the prospects for economic growth in the UAE, Azour reaffirmed the Fund’s predictions, which were made public on the thirteenth of last month. The Fund predicted that the UAE economy will expand by 5.1% by the end of 2022.