United Arab Emirates: 2021 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, February 17, 2022
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- United Arab Emirates: 2021 Article IV Consultation-Press Release; and Staff Report
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Bibliographic details
- Published: February 17, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400202834.002
Executive summary and main findings
- A swift policy response helped mitigate the economic impact of the twin COVID-19 and oil price shocks and contain the initial spread of the virus.
- A gradual recovery driven by the non-oil sector is underway, following a deep recession in 2020.
- Fiscal and external balances have improved with recent oil price increases.
- The UAE is among the world leaders in delivering vaccinations, with nearly 85 percent of the population fully vaccinated as of October 2021.
Macroeconomic conditions and recovery
- Recovery characterization:
- Recovery described as gradual and driven by the non-oil sector.
- Preceding shock: a deep recession in 2020.
- Shocks and policy response:
- Twin shocks: COVID-19 pandemic and oil price shocks.
- Policy response characterized as swift and effective at mitigation and containment.
Fiscal and external sector developments
- Fiscal and external balances:
- Both fiscal and external balances have improved in response to recent oil price increases.
Health response and vaccination status
- Vaccination achievement:
- Nearly 85 percent of the population fully vaccinated as of October 2021.
- Public health outcome:
- The initial spread of the virus was contained, aided by policy measures.
Content in this bundle
- 1. Changing Global Financial Conditions