UAE - Mubasher: The International Monetary Fund (IMF) has upgraded its forecast for the UAE's real gross domestic product (GDP) growth to 3.1% for 2021, according to the IMF's April 2021 World Economic Outlook.
In October 2020, the IMF projected a 1.3% growth in the UAE's real GDP for 2021.
Meanwhile, the IMF expected a 2.6% growth in the UAE's economy for 2022.
Globally, the IMF has increased its projection for 2021 growth in its latest economic outlook, to record 6% in 2021 and 4.4% in 2022, when compared to its October 2020 outlook.
The upward revision is driven by further fiscal support in a few large economies, the coronavirus (COVID-19) vaccine that could lead to recovery in the second half (H2) of 2021, and continued adaptation of economic activity to weak mobility.
"High uncertainty surrounds this outlook, related to the path of the pandemic, the effectiveness of policy support to provide a bridge to vaccine-powered normalization, and the evolution of financial conditions," the IMF warned in its latest note.
