The UAE economy has improved even as the world economy continues to face headwinds, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has said.
“In a turbulent world, the UAE has not stopped moving forward. Our economy is on the rise. Our competitiveness is improving,” Sheikh Mohammed tweeted on Thursday.
“Our future is going to be better."
He said that the UAE's gross domestic product for 2021 beat the World Bank's forecast, surpassing the growth that the country registered in 2019, before the coronavirus pandemic.
“The expectations of the World Bank indicated a growth of 2.1 per cent for our national economy and we achieved [a] 3.8 per cent growth in 2021 (higher than the growth of 2019) and the highest growth in the region. At current prices, the output was Dh1.49 trillion,” Sheikh Mohammed said.
The UAE’s non-oil economy expanded an annual 7.8 per cent in the fourth quarter of 2021, driven by the easing of pandemic-related restrictions and travel curbs, which boosted local and global demand, the latest figures from the Central Bank of the UAE show.
While overall real GDP grew at an estimated 2.3 per cent in 2021, the central bank expects the economic momentum to pick up pace this year, maintaining its 4.2 per cent growth projection, it said in its Quarterly Economic Review.
The non-oil economy is estimated to have expanded 3.8 per cent in 2021 and is projected to grow 3.9 per cent this year.