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27-05-21
UAE’s nominal GDP to take three years to recover to pre-pandemic level
(MENAFN)Moody’s Investors Service stated that the UAE’s nominal GDP is likely to take three years to recover to pre-pandemic levels, although this could be speeded up by the fast rollout of vaccines.
Moody’s further declared that doubts adjoining the effect of vaccinations on the recovery of tourism and hospitality and their efficacy against new Coronavirus variants, makes it difficult to forecast how much of a increase the UAE’s vaccine program will give the economy.
The UAE has one of the fastest Coronavirus vaccine rollouts in the world with 126 doses given per 100. That compares with 87 per 100 in the US, 92 per 100 in the UK and 38 per 100 in Saudi Arabia.
Moody’s added that the UAE’s Aa2 credit rating advantages from a high level of GDP per capita, domestic political stability and the assumed backing of the government of Abu Dhabi.
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