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Coronavirus

UAE central bank expects GDP growth as country recovers from COVID restrictions

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The central bank of the United Arab Emirates said the country’s gross domestic product will grow 2.4 percent this year and 3.8 percent in 2022 as the economy recovers from restrictions imposed during the COVID pandemic.

Non-oil GDP will expand by around 4 percent in both years, it said in a statement.

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“The Targeted Economic Support Scheme has been effective in mitigating the risks posed by the pandemic by ensuring a continued flow of credit and helping affected individuals and companies,” it said, referring to government aid packages to overcome debt repayment difficulties.

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