UAE - Mubasher: The UAE economy is expected to recover starting the second half (H2) of 2020, the Central Bank of the UAE (CBUAE) announced Wednesday.
During the first quarter (Q1) of 2020, the country's economic activities have seen mixed movements, and performed well in the first two months, the CBUAE's 'Quarterly Economic Review' for the Q1-20 explained.
The CBUAE projected that the economic stimulus packages announced by the Emirati government will have a positive impact on the Purchasing Managers’ Index (PMI), real estate prices, employment, and credit growth.
In addition, the coronavirus (COVID-19) economic impact did not affect the country's labour market, as the employment rates in the private sector grew by 1.3% quarter-on-quarter (QoQ) and 2% year-on-year (YoY) in the Q1-2020.
A total of 64,000 new jobs have were added to the economy in the first three months of 2020.
At the same time, the UAE's average oil production will reach 2.984 million barrels per day in 2020 to be in line with the OPEC+ output cut agreement.
