UAE Central Bank expects economy to recover in H2, 2020: report

The Central Bank of the United Arab Emirates (UAE) has forecast the recovery of economic activity in the second half of the year, reported the official WAM news agency on Wednesday.

Economic activities in the first quarter witnessed mixed movements, with the economy performing well during the first two months of 2020.

In an audit report, the bank affirmed that the Targeted Economic Support Scheme and the economic stimulus packages announced by both local and federal governments will positively influence the private mortgage insurance, real estate prices, employment and credit growth index.

In line with the agreement by OPEC+, the report said that the average oil production of the UAE will reach 2.98 million barrels per day in 2020.

The private sector saw 5.16 million employees with 64,000 new positions added in the first three months of 2020.