Economics
Abu Dhabi Wealth Fund Sees U-Shaped Global Rebound Next Year
- Emirate’s $220 billion Mubadala fund sees 5% growth in 2021
- Oil demand to peak within decade, head of petroleum unit says
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The global economy is likely to recover from this year’s virus-driven recession with 5% growth in 2021, according to Abu Dhabi’s $220 billion wealth fund.
The most likely outcome following the economic crisis sparked by the coronavirus is a U-shaped rebound, meaning there will be some stagnation before things get better, said Musabbeh Al Kaabi, chief executive officer of the Petroleum & Petrochemicals division of Mubadala Investment Co. The fund -- with holdings in health care, technology, aerospace and energy -- gives that scenario a 70% probability and sees a 30% chance of a longer economic slump, Al Kaabi said.