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.