UAE’s GDP to Grow 3.1% in 2021 Following Contraction in 2020: Institute of International Finance

The Institute of International Finance (IIF) anticipates an economic recovery for the United Arab Emirates (UAE) with gross domestic product (GDP) forecast at 3.1% for 2021. This follows a revised estimate of a 5.7% contraction in GDP expected for 2020, deeper than predicted by the IFF in March 2020.

IIF’s Chief Economist for the Middle East and North Africa region, Garbis Iradian, noted that Dubai’s economy could contract by at least 8.0% in 2020, at a faster rate to the Emirate of Abu Dhabi, given its exposure to aviation, tourism and other services, which make it more susceptible to economic shocks in the midst of the COVID-19 pandemic.

According to the IIF, pursuing...