UAE economic recovery to begin in H2
Saturday, 06 13 2020, Category: Economy, Country: U.A.E
The UAE Central Bank expects economic recovery to begin in the second-half of this year after it has been hit by the coronavirus pandemic.
"While recovery of economic activity is projected to commence in the second half of the year, recovery of economic sentiment will hinge on deploying policy support measures. The Targeted Economic Support Scheme (TESS) by CBUAE and the economic stimulus packages announced by both local and federal governments are likely to weigh in positively on the Purchasing Managers' Index, real estate prices, employment and credit growth with a positive impact on the overall sentiment once the virus risks are under control," the apex bank said in its first-quarter 2020 report released on Wednesday.
Under its TESS programme, Dh256 billion has been allocated as part of a stimulus package to support economy from the virus impact.
Source: Khaleej Times