OPEC expects UAE’s economic growth to quicken in 2022

The OPEC Monthly Oil Market Report has anticipated the UAE’s economic growth to quicken in 2022, supported by the strong fiscal policy towards the private sector and a post-COVID-19 recovery in the services sector.

The OPEC Report issued on Tuesday said, “The improving tourism sector and increased government support alongside the rise in crude oil prices have strongly supported non-oil private economic activities.”

“The strong private sector is reflected by the UAE’s Purchasing Managers’ Index (PMI), which rose to 54.8 in February 2022 from 54.1 a month earlier. Private-sector output grew strongly amid a recovery in market demand and increased travel activity.”