3.8 MIDDLE EAST - UAE

The UAE Central Bank expected the country’s GDP to shrink by 5.2% in 2020. Many venues in the UAE were closed in March 2020, and the situation worsened in the second quarter, leading to negative real GDP growth during the quarter, estimated at -7.8%. Subsequent economic activity will improve. The Central Bank adopted the Economic Support Program (TESS) to stimulate the economy.