According to the UAE Central Bank, the UAE economy has experienced a significant growth rate, which is considered one of the fastest in the world. The report released by the Central Bank indicated that the country’s economy had expanded by 4.8% in 2021, reflecting a remarkable recovery from the impact of the COVID-19 pandemic.
The UAE’s impressive economic performance has been attributed to the country’s diversified economy, which has significantly contributed to its resilience against external shocks. The report further highlighted the robustness of the non-oil sector, which grew by 3.7% in 2021.
The Central Bank’s report also indicated that the UAE’s economic growth is expected to continue in 2022, driven by various factors, including increased government spending, growth in the tourism sector, and the ongoing efforts to enhance the business environment.
Overall, the UAE’s economic success demonstrates the effectiveness of the country’s policies and strategies aimed at promoting economic growth and diversification. The Central Bank’s report provides a positive outlook for the UAE’s economy, indicating that the country is well-positioned to achieve its long-term economic goals.