United Arab Emirates: 2021 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Middle East and Central Asia Dept.

2021 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2022 Issue 050

Publication date: February 2022

ISBN: 9798400202834

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Topics covered in this book

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Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , manufacturing sector producer price index , reform effort , CPI data , CPI basket weight , Policy discussion , liability positions vis-à-vis nonresident , Oil prices , Loans , Financial sector stability , Global

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Summary

A swift policy response helped mitigate the economic impact of the twin COVID-19 and oil price shocks and contain the initial spread of the virus. A gradual recovery driven by the non-oil sector is underway, following a deep recession in 2020. Fiscal and external balances have improved with recent oil price increases. The UAE is among the world leaders in delivering vaccinations, with nearly 85 percent of the population fully vaccinated as of October 2021.