For economies like the UAE, which rely on the “vents of surplus” from other countries, there is no escaping the fact that its fate remains fundamentally intertwined to that of developed and developing economies.
There is no shame in a recession. As country after country has resorted to lockdown measures, it has done so at an exorbitant economic cost.
These costs (which have only just begun to accrue) have been met with stimulus measures, that by most estimates will equal more than 15-20 per cent of world GDP (which is comparable to, if not higher, than costs incurred during World War 2) and have come in the form of debt issuance.
