UAE Economy Set to Rebound and Grow at a Faster Pace in 2022, Says Central Bank Annual Report
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The United Arab Emirates (UAE) economy is expected to pick up pace and grow at a faster rate in 2022, according to the Central Bank's annual report released on Wednesday. Despite a slowdown in 2021 due to the COVID-19 pandemic, the UAE's gross domestic product (GDP) is projected to expand at 4.3 per cent next year, driven by a strong rebound in both oil and non-oil sectors. The UAE's GDP grew at 7.6 per cent last year, one of the fastest growth rates in the world, and the country has consistently ranked high in the World Bank's ease of doing business index. The UAE's resilience and stability make it an attractive destination for foreign investment and business expansion, and the country's proactive response to the pandemic has helped mitigate the impact on the economy and ensure a quick recovery. The Central Bank's annual report is a reflection of the UAE' s commitment to transparency and sound economic policies, and the country's continued focus on...