He revealed "early signs of recovery" that began to appear in the second half of 2020

Al-Markazi: A strong return to the country's GDP growth is expected in 2021

The government continues to diversify the economy and provide more infrastructure spending.

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The Central Bank expects a strong return to growth in the gross domestic product of the UAE during the current year, as the government continues to diversify the sources of the economy, provide more spending on infrastructure, and encourage private investment as a measure of growth and private employment.

The Central Bank revealed what he described as the "early signs of recovery", which began to appear since the second half of 2020.

The bank said that despite the exceptional circumstances, we confirm that there is a state of optimism linked to early signs indicators, such as the return of the pace of the recovery in global trade, the gradual disappearance of barriers to protection in movement, the issuance of bonds and sukuk, as well as the return of activity in the capital markets, and the stability of the inflation index. In the negative range, and the return to normal spending levels, in addition to the increase in employment rates in the country in December by 1.7% on a monthly basis, and the growth of real estate sales prices on a monthly basis in terms of valuations and rental returns.

The oil sector

During the past year, the Emirati economy showed a remarkable ability to absorb the effects of the "Covid-19" pandemic and address its repercussions and overcome them, as a set of reassuring signals emerged about the future of the oil and gas sector in the UAE, especially with the success of the Abu Dhabi National Oil Company (ADNOC) in achieving Its operational and financial goals and maintaining its competitiveness, flexibility and business continuity, in light of the exceptional circumstances that the world is going through due to the spread of "Covid-19".

Foreign trade

The total non-oil foreign trade of the UAE, during the first nine months of 2020, amounted to about 1.03 trillion dirhams, according to the data of the National Competitiveness and Statistics Center, which showed that the country's trade balance recorded a surplus for the first time during the year, in the month of September of 15%. And a growth in exports of the third quarter of 5.6%.

Real estate

In turn, the real estate market in the UAE maintained its activity during the past year, despite the new circumstances imposed by the Corona pandemic on world economies, as the value of recorded transactions amounted to about 275 billion dirhams, including sales of lands, residential, commercial and industrial units, as well as mortgages and grants, Which have been documented in the UAE during the past year.

Digital commerce

The digital trade in the UAE witnessed a remarkable recovery during the period of the Corona virus crisis, as the value of digital transaction payments during 2020 amounted to about $ 18.50 billion, according to the 2021 Digital World Report issued by the global WeR Social Foundation, in cooperation with the "Hot Sweet" company. ».

Aviation

The gradual return of civil aviation flights locally was a crucial indicator that reflects the success of efforts to contain the impact of the Corona crisis and the start of the recovery phase from the epidemic, especially with the full recovery of many economic sectors linked to the level of progress achieved in the field of aviation.

Dubai International Airport has made positive steps towards recovery after an unprecedented and challenging year, with annual traffic reaching 25.9 million passengers in 2020.

first place

The UAE is one of the first countries to enter the phase of recovery from the crisis, as it ranked first in the Arab world in the indicator of economic recovery from the effects of the epidemic, published by the "Horizon" research group, to assess the capabilities and components that countries possess, which help them overcome the crisis and recover from it.

In December 2020, the international rating agency (Moody's) awarded the UAE government an "Aa2" rating in creditworthiness, which is the highest sovereign rating in the region, with a stable outlook for the national economy.

-

high employment rates in December 2020 by 1.7% on a

monthly basis.

- The UAE economy showed last year an excellent ability to absorb the effects of the "Covid-19" pandemic.

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