Gulf In Focus - COVID-19 impact: UAE may see V- and U-shaped recovery.

UAE's economy will probably see a combination of V- and U-shaped recovery following the impact of coronavirus pandemic, Abdullah Al Nuaimi, UAE's Minister for Infrastructure Development, said on Thursday.

'My guess is it would be a combination of V- and U-shaped recovery. This pandemic is a worldwide issue and for the economy to get back (onto the track), the whole world has to recover. Now we have seen recovery in many countries. We also have seen similar things in UAE where more coronavirus cases are recovering and that is a good sign for us,' Al Nuaimi said.

As the coronavirus cases in the country are on the decline and some of the key sectors have also been opened to some extent, the UAE Central Bank on Wednesday said it expects economic recovery to begin in the second-half of this year.

'While recovery of economic activity is projected to commence in the second half of the year, recovery of economic sentiment will hinge on deploying policy support measures. The Targeted Economic Support Scheme (TESS) by CBUAE and the economic stimulus packages announced by both local and federal governments are likely to weigh in positively on the Purchasing Managers' Index, real estate prices, employment and credit growth with a positive impact on the overall sentiment once the...