Coronavirus (COVID-19) is taking a toll on economies across the globe. Many nations are already seeing an economic slowdown, but the UAE bucks the trend. In fact, the UAE economy is ranking first on the most important economic indicators.
UAE economy – from strength to strength
While the global stock market is crashing, the UAE is beating off the bankers. The United Arab Emirates has consistently come first in several key economic factors. Despite the threat of recession, the UAE economy is doing great.
One industry that is especially thriving during the pandemic is farming. High tech vertical farms produce more crops than regular farms. In short, they’re a solid investment. Certainly, people will always need food.
Sheikh Hamdan Bin Rashid Al Maktoum stated that the UAE will be the best country in the world by 2071. This marks the UAE Centennial. The Centennial plans to ensure the success and prosperity of future generations.
“The UAE’s leadership has laid down a solid foundation for government work to best serve the community, improve quality of life and achieve the country’s sustainable development goals”. Said the Sheikh during a virtual meeting of the Financial and Economic Committee.
How the UAE economy is beating Coronavirus
A financial stimulus package will beat off economic woes. The UAE Central Bank announced the stimulus on March 15th, at 100 billion Dirhams. However, the pandemic worsened. The Central Bank enlarged the package, it more than doubled in size to 256 billion dirhams.
50 billion Dirhams cushion the impact on financial institutions. This is going to reduce the stress on the banking industry. Furthermore, it will provide stability when it is most needed.
An economic stimulus is an important part of keeping morale high. Above all, we must continue our human spirit.
