IMF Upgrades UAE, Global Economic Growth Forecast
The IMF Fund more than doubled the UAE’s 2021 growth projection from 1.3 percent in October 2020 to 3.1 percent.
The International Monetary Fund (IMF) on Tuesday revised upward the UAE and global economic growth forecast for 2021, thanks to massive vaccination efforts as well as a $1.9 trillion US stimulus package which will strengthen recovery in the second half of this year.
The IMF Fund more than doubled the UAE’s 2021 growth projection from 1.3 percent in October 2020 to 3.1 percent in its latest World Economic Outlook report released on Tuesday. The fund sees the UAE’s growth softening to 2.6 percent next year.
The IMF credited approval of multiple Covidd-19 vaccines that can reduce the severity and frequency of infections for the improved outlook of the UAE and global economy. The UAE is now the second most vaccinated country in the world after Israel.
For the Middle East and Central Asia region, the IMF revised an upward growth outlook to 3.7 percent for 2021 from 3.0 percent. For the Middle East and North Africa region, the Fund revised upward the 2021 growth outlook from 3.2 percent to 4.0 percent.
Stronger global recovery
IMF projected a stronger recovery for the global economy this year and the next.