UAE's economy to recover by 4.1% in 2021 - Fitch Solutions
Economic rebound is driven by lower oil production cuts and Dubai Expo
Dubai high rise buildings. Image courtesy Dubai Media Office Twitter handle.
By Staff Writer, Mubasher
UAE - Mubasher: The UAE is projected to witness a robust economic recovery with a growth rate of 4.1% in 2021, according to a report by Fitch Solutions.
The report, titled "Recovery In Global Growth To Be Bumpy And Divergent," revealed that the UAE is among countries, including the US, South Korea, and Poland, which will achieve a strong economic recovery in 2021.
Fitch Solutions expected that the country will maintain an average growth of 4.1% from 2021 to 2024.
The economic rebound in the UAE is driven by looser OPEC+ production cuts and the Dubai Expo, set to commence in October 2021.
In July, Moody's Investors Service expected that the UAE's gross domestic product (GDP) will grow by 4.1% in 2021 after a 5% contraction in 2020.
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