UAE’s gross domestic product contracted

The International Monetary Fund estimated that the UAE’s gross domestic product contracted by 6.1% in 2020, but said the recovery was starting to gain momentum. The International Monetary Fund said in a statement today, Thursday, “It is expected that we will witness a gradual recovery in 2021, supported by the UAE’s early and strong response to the health crisis, the continuation of supportive macroeconomic policies, and the recovery in tourism and local activities related to the postponement of Expo 2020, which is scheduled to start in October.”

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