28 April, 2021
UAE Economic Growth Forecast Upgraded to 3.1%
The International Monetary Fund (IMF) has upgraded the economic growth forecast for UAE from 1.3% in late 2020 to 3.1% recently.
The IMF regularly studies global economies and provides an economic growth forecast based on estimates. In this context, as of October 2020, the IMF had forecast the UAE economy to grow at 1.3%.
In the latest release of “World Economic Outlook” released in April 2021, the IMF has upgraded the UAE growth rate, and has now projected the growth to be at nearly 3.1%.
The reason for the economic growth upgrade stems from the strong vaccination drive executed in the UAE, for all its citizens and residents. This has provided much-needed safety and security to all residents, thereby leading to a very strong and positive outlook on the economy.
The world’s most vaccinated country is Israel and UAE is at #2. According to data obtained from the UAE Ministry of Health and Prevention (MOHAP), there have been 8.5 million vaccine doses administered in the UAE, which translates to a rate of roughly 86.7 for every 100 people.
This upward revision of the growth rate is also reflected at the regional level.