Bank expects country's non-oil economy to dip by 4.1% in 2020 as a result of Covid-19 pandemic
The United Arab Emirates expects its non-oil economy to contract 4.1 percent this year due to the coronavirus pandemic, with a sharper slowdown in the second quarter before a gradual recovery through the rest of the year, the central bank said on Wednesday.
Actual performance will depend on government support measures and the successful containment of the virus, it said.
Forecasts for 2020:
The IHS Markit Dubai Purchasing Managers’ Index rose to 46 in May from a record low 41.7 in April, remaining below the 50 mark that separates contraction from growth. Thanks to a relaxation of lockdown measures, output and new orders declined at a slower rate, while unemployment had the smallest drop in three months, according to a report on Tuesday.