The UAE, which is among the first countries in the world to start the recovery phase by mid-2020, is well on track to record robust growth in 2021 as per various economic indicators.
A detailed report on the current status of the UAE economy released by Emirates New Agency (Wam) in collaboration with the Federation of Arab News Agencies says that the Arab world’s second-largest economy showed a remarkable ability to overcome the impact of the pandemic, with the Central Bank of the UAE revealing that early recovery signs began to emerge in the second half of 2020. The UAE ranks first in the Arab region in the Covid Economic Recovery Index.
In December 2020, the UAE government received an Aa2 rating in creditworthiness — which is the highest sovereign rating in the region — with a stable outlook for the national economy by Moody’s.
“This is another testament to the success of the country’s financial and economic vision and policies, and the strength and stability of its economic, financial and credit sectors,” the report, which highlights the advancements of the nations on several fronts, said. In November 2020, Fitch Ratings awarded the UAE’s federal government with an AA- rating with a stable outlook.
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