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Middle East

UAE central bank expects GDP growth as country recovers from COVID restrictions

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Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013. REUTERS/Ben Job

DUBAI, June 17 (Reuters) - The central bank of the United Arab Emirates said the country's gross domestic product will grow 2.4% this year and 3.8% in 2022 as the economy recovers from restrictions imposed during the COVID pandemic.

Non-oil GDP will expand by around 4% in both years, it said in a statement.

"The Targeted Economic Support Scheme has been effective in mitigating the risks posed by the pandemic by ensuring a continued flow of credit and helping affected individuals and companies," it said, referring to government aid packages to overcome debt repayment difficulties.

Reporting Maqsood Alam and Maher Chmaytelli; Editing by Alison Williams

Our Standards: The Thomson Reuters Trust Principles.

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