The UAE’s economy was hit by a double shock in 2020. The first was related to the collapse in oil prices following the disagreement between Russia and Saudi Arabia in March 2020, the second being the COVID-19 pandemic. According to preliminary estimates, the UAE’s economy shrank by 6.1% in 2020. However, growth the outlook is brighter for 2021, as Coface expects growth to stand at 3.1% this year thanks to a fast vaccination campaign in the UAE, a sharp recovery of the global economy and the rebound in energy prices.

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