UAE - Mubasher: The Central Bank of the UAE (CBUAE) has expected growth of 2.1% in the overall real gross domestic product (GDP) in 2021 and 4.2% in 2022, according to the central bank's 'Quarterly Economic Review' report.
The CBUAE has revised its outlook for the country's overall real GDP growth to 4.2% in 2022, up from its previous projections of 3.8%, with a 3.9% rise in the non-oil real GDP.
The UAE's 2022 economic growth would be driven by the continued rise in public spending, banks’ credit outlook, higher employment, and better business sentiment amid Expo 2020 Dubai which will continue to be held in the first quarter (Q1) of 2022.
In addition, the country is forecast to benefit from the ease of travel restrictions and events such as the FIFA World Cup, which is planned to be convened in Qatar next year.
For the year 2021, the CBUAE has projected a 3.8% increase in the real non-hydrocarbon GDP.
"However, economic projections are susceptible to uncertainties amidst COVID-19 repercussions and are thus subject to revisions," the CBUAE referred in its report.
