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Monday, January 24, 2022

UAE economy is projected to record annual GDP growth rate of 3.4% In 2022, expected sustained growth

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Dubai’s economy is relied upon to see supported economic growth in 2022 upheld by a normal increase in business action in the tourism and retail areas, as per an analysis from Dubai Chamber.

In 2022, the UAE economy is projected to record an expected yearly GDP development pace of 3.4 percent, on account of the normal recuperation in domestic demand, oil costs and the bounce back in worldwide interest for labor and products since mid-2020 onwards.

Exhibition 2020 Dubai and the adjustment to the Monday-Friday work week is relied upon to work on the possibilities of UAE exchange and business with the remainder of the world in the short to medium term, Dubai Chamber noted.

Transport and telecommunication, trade, accommodation and hospitality and real estate and business services are expected to add momentum to the Emirate’s recovery over 2022-2025, according to the analysis.

New measures took on by the government to invigorate businesses and work with exchange, for example, decreasing government fees and the expense of carrying on with work, dispatching new techniques for exchange and transforming speculation and business laws are relied upon to decidedly affect the economy in the short to medium term.

The Dubai Chamber data additionally uncovered that Dubai products and yet again sends out recuperated in the main portion of 2021, arriving at pre-pandemic levels.

According to Dubai Chamber Macro Economic Model (DCMM), the entire UAE economy began to recover in 2021 by registering an estimated annual GDP growth rate of 3.1 percent and a 3.8 percent for GDP excluding the oil sector.

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