The UAE economy will have a 1.3 per cent real GDP growth in 2021 following a 6.6 per cent contraction this year, the IMF says in its latest World Economic Outlook Report. The IMF’s forecast is far more conservative than many other recent ones. Earlier last week, the Institute of International Finance (IIF), a global association of banks and financial institutions, forecast a 3.1 per cent GDP growth for the UAE in 2021 after a 5.7 per cent contraction this year. The IMF has attributed the conservative forecasts for the Middle East and Central Asia region to the impact of low oil prices, COVID-19 geopolitical issues and conflicts in the region.