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The Central Bank of the United Arab Emirates said it expects the UAE economy to grow 4.2 percent in 2022, accelerating from last year’s 2.1 percent growth.

The central bank’s projection, in its latest quarterly report on the economy, is rosier than that of the International Monetary Fund, which projects the UAE economy will grow three percent this year.

Non-oil real gross domestic product (GDP) is expected to increase by 3.9 percent, due to a continued increase in public spending, positive outlook for credit growth, higher employment and better business sentiment with a world fair EXPO event in Dubai, the bank said on its website.

Oil GDP is forecast to grow five percent this year, reflecting the expected increase in demand with majority of the world economies being vaccinated, it said.