Road To Recovery: How The UAE Aims To Revive Its Economy

The COVID-19 pandemic brought the world to a virtual halt, and even after a year, economies are struggling to get up and thrive. Governments around the world are looking to adapt to the "new normal" and have been carrying out measures to revive their economies. The economy of the UAE was also hit hard by the pandemic and is expected to shrink by around 6%, according to IMF estimation. The key sectors, tourism, real estate, transportation, and trade, are significantly affected. Furthermore, the lower oil prices are weighing in on the country's finances, with the government expected to post a deficit of about 9% of GDP.