Gulf In Focus- GULF STATES/ BUSINESS TIMES- UAE economy to rebound in 2021, grow 3.3pc: IMF.

The UAE and the neighboring Gulf economies will rebound strongly next year as the Covid-19 coronavirus situation is expected to normalise, according to International Monetary Fund's World Economic Outlook released on Tuesday.

The UAE economy will see a 3.3 percent growth in 2021, the IMF said, while predicting a 3.5 percent contraction this year. The decline in the UAE and regional countries is in line with contraction of the global economy and other major economies.

In the region, Iran will be the worst hit country, contracting 6.0 percent in 2020 following 7.6 percent in 2019. Saudi Arabia, the region's largest economy, will shrink 3.9 percent, Qatar by 4.3 percent, Kuwait by 1.1 percent and Oman by 2.8 percent. But all the economies will rebound strongly as world economy will pick pace, resulting in higher oil prices and increase in growth of non-oil sectors.

Nirav Shah, director of Fame Advisory DMCC, said as dust settles down next year, public and private sectors will resume full throttle, therefore, economies will definitely take off.

Even if we don't get where we were prior to Covid-19, but there will be a better change. Plus, Expo 2020 will give a further boost to the economy.

Even in...