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OPEC projects UAE economy to grow rapidly in 2022

NAFIS..Your Way campaign is aimed at making private sector attractive for the Emiratis.
By TRENDS Desk
March 16, 2022 10:02 pm
  • OPEC released the reports on Tuesday where it credited tourism as one of a factor for the economic growth
  • Further, the rise in crude oil prices would also be a reason for rapid economic growth, said the OPEC reports

OPEC Monthly Oil Market Report has predicted the UAE’s economic growth to quicken in 2022.

It is supported by the strong fiscal policy towards the private sector and a post-COVID-19 recovery in the services sector.

The Report issued on Tuesday 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”, added reports.

“Private-sector output grew strongly amid a recovery in market demand and increased travel activity”, concluded reports.

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