In its newest World Economic Outlook report issued on Tuesday, the International Monetary Fund (IMF) improved the UAE’s economic growth forecast for 2021 to 3.1 percent, in what is viewed as a credit to the country’s positive treatment of coronavirus.
While the estimate is higher than the 1.2 percent forecast in October last year, it is supposed to relax in 2022, cutting down to 2.6 and maintaining through to 2026, according to the IMF report. The nation has been extensively appreciated for its rejoinder to the global pandemic, which initially viewed the implementation of stringent lockdown stratagems, before a regular reopening from May last year. This is in series with what Stephen Anderson, Middle East Strategy and Markets Leader, for PwC Middle East, addressed at the Arabian Business Forum in late February where he stated the UAE economy is “moving in such a positive way forward” to become the world’s leading post-Covid-19 economy.
Anderson admitted that the health reply has been “fantastic” and added that the brand of Dubai and the UAE will be “enhanced enormously” as a result of the sudden progress exercised. The IMF updated its global economic growth forecast for the second time in three months while reminding about extending the difference and divergence between advanced and lesser-developed economies.
The global economy will increase 6 percent this year, up from the 5.5 percent pace evaluated in January, the IMF said in its World Economic Outlook issued on Tuesday. That would be the most in four decades of data, appearing after a 3.3 percent decrease last year that was the worst peacetime drop since the Great Depression.