Economics

UAE Sees More Economic Pain Before a Fourth Quarter Recovery

Property prices to see ‘sharper drop’ from second quarter
Employment to continue decline before recovering later in year

A pedestrian passes a construction site in Dubai, United Arab Emirates, on June 8.
Photographer: Christopher Pike/Bloomberg

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By Abbas Al Lawati

June 10, 2020 at 10:37 AM UTC

This article is for subscribers only.

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The United Arab Emirates expects its non-oil economy to contract 4.1% this year due to the coronavirus pandemic, with a sharper slowdown in the second quarter before a gradual recovery through the rest of the year, the central bank said Wednesday.