OPEC expects UAE’s economic growth to quicken in 2022

OPEC expects UAE’s economic growth to quicken in 2022

WAM: The OPEC Monthly Oil Market Report has anticipated the UAE’s economic growth to quicken in 2022, supported by the strong fiscal policy towards the private sector and a post-Covid-19 recovery in the services sector.

The OPEC Report said, “The improving tourism sector and increased government support alongside the rise in crude oil prices have strongly supported non-oil private economic activities.”

“The strong private sector is reflected by the UAE’s Purchasing Managers’ Index (PMI), which rose to 54.8 in February 2022 from 54.1 a month earlier. Private-sector output grew strongly amid a recovery in market demand and increased travel activity.”