United Arab Emirates economy on track towards recovery in 2021 (Source: Orient Planet)

The United Arab Emirates’ (UAE) economy performed better than expected in 2020 despite the current global challenges brought about by the COVID-19 pandemic, said His Excellency Abdulla Bin Touq Al Marri, UAE Minister of Economy, following the issuance of the preliminary results of the country’s economic performance by the Federal Competitiveness and Statistics Centre.

The UAE government’s proactive economic policies in dealing with the repercussions of the crisis, and the launch of supportive economic packages had a positive role in limiting the negative effects of the pandemic on various vital sectors and on economic activity in particular.

The activation of all economic initiatives related to non-oil sectors and activities contributed positively to enhancing the stability of the country’s non-oil domestic product in the year 2020, as it reached AED 1,005.6 billion at constant prices.

Bin Touq added that with the continued implementation of the recovery plan and support packages for the economic sectors, the estimates of the Central Bank of the UAE indicate that the positive growth rates of the national economy will be restored by the end of 2021. It estimates a 2.5 per cent growth in real GDP, and 3.6 per cent in non-oil real GDP. These figures are expected to rise to 3.5 per cent growth in real GDP, and 3.9 per cent growth in non-oil real GDP in 2022.

The UAE Ministry of Economy, in cooperation with all concerned government entities, is working according to an ambitious vision to double our national economy over the next ten years, to reach AED 3 trillion by 2031.