UAE Economy Seen Contracting More Than Estimated This Year

The United Arab Emirates will likely suffer a deeper economic contraction this year than previously estimated, hurt by disruptions caused by the coronavirus pandemic and lower oil prices.

Gross domestic product in the Arab world’s second-largest economy is estimated to shrink about 6% in 2020, compared with a previous forecast for a decline of 5.2%, the central bank said in its quarterly review on Tuesday. The economy is expected to grow 2.5% in 2021.