Economists expected that the year 2021 would witness a remarkable economic recovery and a strong rebound for the UAE economy, supported by the positive indicators shown by the financial sectors' performance during the past period, global economic indicators, and Corona vaccine distribution.
Economists said that there are indications that the global economy is recovering, which will positively affect the local economy, including positive Chinese economic data, increased demand for oil from Asian countries, the outcome of the US presidential election, as well as a recovery in the banking sector.
In detail, a member of the advisory board at the Chartered Institute for Securities and Investment, financial analyst Waddah Al-Taha, said that "the main indicators confirm that there is a gradual recovery during the next year, and the rate of economic growth in the UAE during the next year will range between 2 and 3%, especially if there is cohesion.
Mainly in oil prices, which is the sector that substantially participates in the gross domestic product." Al-Taha indicated that the overall economic performance in the UAE during 2021 would be better than in 2020.
There are more than ten indicators of the recovery of the local economy. They are the UAE's success in dealing with the pandemic and its readiness, the continued recovery of oil prices, the return of tourism and the organization of exhibitions, the launch of the Expo Dubai, referring to government stimulus packages, and the return of air traffic and travel, And the start of distributing vaccines in countries of the world, including the UAE, the recovery of the global economy, the conclusion of the results of the US presidential elections, and the recovery of the banking sector.
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