Abu Dhabi – Mubasher: The UAE Central Bank said that the UAE economy will grow by 2.1 percent this year and 4.2 percent in 2022 as the country recovers from the slowdown caused by the Corona pandemic..
In his quarterly economic review, he added that economic activity in the UAE continued to recover in the second quarter of the year, with growth approaching pre-Covid-19 levels, according to a press release.
He expected real growth, excluding oil and gas, which is adjusted growth in light of inflation at 3.8 percent this year and 3.9 percent next year, but he warned that expectations are vulnerable to the continuing uncertainty caused by the pandemic..
He explained that the UAE economy benefited from the recovery in global travel activity and the recovery of internal and external demand in the second quarter. The country’s vaccination campaign is also successful.
And the real estate market in the country improved, as prices in Abu Dhabi recorded increases on an annual basis for the second consecutive quarter, the first time that this was achieved in more than five years..
The Central pointed out that prices in Dubai remained low in the second quarter, albeit at a slower pace.
Dubai said on Wednesday it expected its economy to grow 3.1 percent this year and 3.4 percent next year.
The UAE Central said that the emirate witnessed a recovery in tourism and hotel activity, with hotel occupancy increasing to 62 percent in the first half of the year from 54 percent in all of 2020..
Dubai expects to receive more support during the World Expo, which begins on October 1, but some economists say current global travel restrictions may limit the positive economic impact of this event..
The Central Bank forecast in June that the real GDP of the UAE will grow by 2.4 percent this year and 3.8 percent in 2022.
Standard & Poor’s forecast on September 8 that the UAE economy will grow by 2.7% during the current and next year, but the growth rate will decline to 2% during 2023 and 2024..
A report issued by the agency said that the economy of the countries of the region began to achieve growth in the third quarter of 2020, but the sharp recovery was hampered by new waves of the Corona virus.
The UAE is the first in the Gulf and the Arab world in the smart services index