The economy of the UAE is growing at a fast pace, and since 2011, it has been beating estimates by financial and business analysts. It expanded by about 8.4% in the first quarter of 2022, superseding estimates made at the beginning of the year. The economy is currently growing at a reasonable speed thanks to the effective mitigation measures against COVID-19 and the rise in the prices of oil in the region.
Kavan Choksi – successfully overcoming the effects of the Pandemic
Kavan Choksi a business and financial expert with in depth knowledge in investments and cryptocurrencie believes, the speed of GDP growth in the region during the first quarter of 2022 was predominantly sharper than its GDP levels of 2.1% before the coronavirus pandemic. This figure was more than a past estimate of 8.2% predicted by the Central Bank in the region. The UAE economy rebounded successfully due to an increase in the activities of tourism and real estate and an increase in the price of oil.
Balancing the health and economic interests
The UAE was the fastest economy that overcame the effects of the coronavirus pandemic. Being the second biggest economy in the Arab world, it successfully aligned a balance between the health of people and the region’s economic interests. The UAE Cabinet, under the leadership of the Prime Minister and Dubai Ruler Sheik Mohammed bin Rashid, stated the above for the area in a tweet posted recently. Besides the above, the Cabinet reviewed the other competitors as well as economic indicators for the UAE that triggered the accelerated growth.
Economic indicators in the region
In the UAE, there were 156 economic development indicators that attained high global ranks from 121 economic indicators before the coronavirus pandemic. In the meantime, this tally increased to 288 for the top five positions from 189 in that same period, as per credible sources.
In the first six months of 2022, foreign trade in this region exceeded 1 trillion Dirhams or $272 billion, compared with 840 Billion Dirhams before the advent of the coronavirus pandemic in the same period.
The revenue from the tourism sector was more than 19 billion Dirhams in the first half of this year, and the total number of guests that booked hotels during the same period went up to 12 million. The number of hotel guests rose by 42% compared to the same period before the coronavirus pandemic.
Business and finance expert Kavan Choksi observes that the economic indicators for the UAE are more robust than they were before the advent of the coronavirus pandemic. They have accelerated economic growth in the region at a faster pace than before. According to the Prime Minister, Sheikh Mohammed bin Rashid, this growth in the region’s commercial, tourism, and development sectors is more significant now than before the advent of the coronavirus pandemic.
While nations in the West and the East are still recovering from the aftermath of the coronavirus pandemic and trade across the globe is yet to attain a potent momentum, the UAE has successfully become a global exception and role model when it comes to the strength and speed of economic recovery after the COVID-19 Pandemic