UAE ECONOMY ON TRACK TOWARDS RECOVERY IN 2021

The UAE economy performed better than expected in 2020 despite the current global challenges brought about by the COVID-19 pandemic, said 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 results highlight the effectiveness of the proactive economic measures and incentive packages rolled out by the UAE government, based on policies that highlight the country’s speed and flexibility in responding to global changes, as well as its constant efforts to promote economic diversification. The preliminary results of the UAE’s economic performance for 2020 revealed that the country's macroeconomic indicators had seen a relatively limited decline in the gross domestic product and in the non-oil GDP last year by 6.1 per cent and 6.2 per cent, respectively, at constant (real) prices compared to 2019. This is comparatively low decline considering that the slump in major global economies reached several times lower.