UAE economy would expand by more than 5% in 2022| MENAFN.COM

Tuesday, 04 October 2022 11:36 GMT

UAE economy would expand by more than 5% in 2022


(MENAFN) According to Michael Bolliger, Chief Investment Officer Emerging Markets at UBS Global Wealth Management, the UAE's economy would expand by more than 5% in 2022.

Bollinger claimed that the UAE's economy grew by 3.8 percent in 2021 as a result of appropriate government incentives and plans as well as the immunization of all citizens and residents. He also noted that the expansion of the non-oil sector also played a significant role in this economic recovery. The interview with the Emirates News Agency (WAM) was published on Wednesday.

The country's GDP grew by 8.2 percent in the first quarter of 2022 while oil-related GDP grew by 13 percent, in accordance with relevant OPEC+ agreements, he added. All indexes, including the Purchasing Managers Index (PMI) and Business Confidence Index (BCI), demonstrated that the growth of the non-oil sector is still robust after a strong start to the year.

He continued by saying that the rise in real income levels in the UAE as a result of higher wages and employment rates supported domestic demand and, as a result, strengthened the wholesale, retail, and real estate industries in the nation.

Bollinger noted that the rapid recovery from the COVID-19 pandemic and the significant contributions of non-oil sectors highlight the UAE's economic diversification. He added that the transportation, tourism, and hospitality sectors also experienced solid recoveries in the past period, with the rise in tourist numbers and hotel occupancy rates.

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