The United Arab Emirates Forecasts a 5.2% Contraction in Economic Growth for 2020: Central Bank

In its quarterly review on the 24th of September 2020, the Central Bank of the United Arab Emirates (UAE) said that its economic growth forecast for 2020 now stands at -5.2%, lower than its previous estimate, which was a decline of 3.6%.

The first half of 2020 has seen the UAE’s gross domestic product (GDP) decline 0.8% in the first quarter of 2020 (1Q 2020), whilst the second quarter of 2020 saw an estimated contraction of 7.8%.

According to the Central Bank, the UAE has been strongly impacted by the general ban on travel, as well as a decline in manufacturing production as a result of supply chain disruptions, limited opportunities for export, and subdued domestic demand. <...