The Ministry of Economy expected that the current economic and commercial situation of the Chinese economy, resulting from the spread of the Corona pandemic, will have a slight and temporary impact on the UAE economy, given that the UAE economy is diversified and able to absorb external shocks with solidity.
The ministry confirmed in a report issued on "the expected effects of the Corona virus globally and locally" that the government monitors developments regarding "corona", and its current and future economic effects on the global and local economies, and puts into consideration possible scenarios, to take proactive measures to face potential challenges to economic activity in the country first Go on.
She explained that China occupies a high economic importance for the UAE, as it is the largest trading partner of the country in terms of imports, therefore, it is expected that the non-oil foreign trade of the country by imports will be affected temporarily in the first half of this year by the state of the Chinese economy.
She noted that China is also a major source of tourists in the country, as it ranked fifth in terms of its importance as a source of tourists to Dubai, with 6% of the total tourists to Dubai last year, and ranked second as the second largest market for tourists in Abu Dhabi in a year 2019.
The "Economy" report stated that China is the second largest oil consumer in the world, as China's demand for oil last year reached 13% of global oil, at an average value of 13 million barrels, and is the second largest economy in the world.
According to the report, experts believe that the global economy will suffer more than $ 160 billion in losses, making it the largest loss caused by a pandemic in the modern era, and to exceed four times the loss caused by the SARS epidemic that swept China in 2003.