Expected 3.7% Growth for the UAE Economy in 2021

Stefanie de Tourcat, a macroeconomic strategist at Swiss bank Lombard Odier, predicted a strong recovery for the UAE economy this year, as efforts to expand the vaccination campaign—which is one of the fastest in the world—continue, alongside the holding of the Dubai Expo 2020, which is expected to stimulate tourism and enhance local demand. She anticipated that the UAE economy would grow by 3.7% in 2021, a moderate expectation, especially since the Expo is capable of contributing about 5% to 8% to the country's GDP this year. She confirmed that the UAE enjoys a strong financial and monetary position, with a significant current account surplus, as the country seeks to focus its policy on economic diversification and building a competitive economy, making the UAE one of the most attractive destinations for foreign direct investment worldwide.