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Economy

5 Jan 2022

UAE in 2022: Oil Resurgence Expected to Advance Economy by 4.2%

The Index Today

Spurred by an oil bounce back, the United Arab Emirates is all set to grow its economy by 4.2% in 2022.

According to the national central bank, oil’s gross domestic product is expected to grow 5% this year compared to 2021’s surge of 2%, while non-oil GDP will be similar to that of the previous year. However, the central bank also contended that “economic projections are susceptible to uncertainties amidst COVID-19 repercussions.”

This development comes as a welcome relief to the UAE and other Gulf countries following the dip in crude oil prices in 2020 due to the onset of the pandemic. The International Monetary Fund (IMF) has predicted the UAE’s economy to soar by an additional 3% in 2022 and carry forward a similar trend into 2026, and possibly beyond.

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