UAE: Recovery requires reinvention
The UAE, like its GCC neighbours, saw its 2020 economic forecast cut sharply by a 6.6% contraction as a result of low oil prices and the COVID-19 pandemic. This week we analyse the repercussions of the decline on the state's budget and debt burden, focusing on:
- The impact of the possible extension of production cuts by OPEC+ and the growing debt of GREs on the UAE's recovery.
- The growing foreign investor interest and private sector activity despite sour economic outlook.
- The growth-friendly modernisation reforms and acceleration programmes in Abu Dhabi, and how they are expected to contribute to a speedy recovery.
Florence Eid-Oakden, Ph.D, Chief Economist
Ghalia Al Bajali, Analyst
The Country Views series shines the spotlight on specific developments in MENA countries, analysing them from a local perspective to deliver forward looking views for businesses and investors.
To access this report, please click here.