2018 in review: ‘R’ word back in global economy

Recession has been a buzz word this year

Last updated: December 30, 2018 | 22:00

1 MIN READ

VAT goes live: The UAE introduced its Value Added Tax on January 1. Despite concerns and a steep-learning curve for many companies the rollout went smoothly.

Ahmed Ramzan/ Gulf News

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2018 in review: It’s all about the numbers

A year that began with soaring stock markets ended with them crashing all over the place. For the first time in a decade the ‘R’ word – or recession – was again back in conversations.

In the UAE key sectors remained under pressure even as the Government moved forward with major incentives such as liberalising the visa regime and also on inward investments. The New Year will be about waiting for those incentives to bear fruit…

UAE-China ties: China President Xi Jinping visited the UAE, signing multiple energy and trade deals. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, witnessed the signing.

Privacy worry: 2018 was the year Facebook went from global social network giant to a candidate for anti-trust breakup due to both its dominance in advertising and a never-ending series of privacy issues.

Fall from grace: Arif Naqvi, founder of private equity firm Abraaj. Abraaj was once the face of private investment in the Middle East until a series of allegations regarding investors’ funds caused the company to declare bankruptcy.

Crypto collapse: In December 2017, Bitcoin almost touched $20,000 and was one of the hottest commodities coming into 2018. Its run was short however; BitCoin crashed in January. A year later it is trading below $4,000.

Trade war: US President Donald Trump and Chinese President Xi Jinping in Buenos Aires. The US-China trade war started with a tweet and quickly became one of the defining business stories of the year.

Smartphone war: 2018 was the year smartphones crossed the $1,500 mark, with both Apple and Samsung releasing new premium models.

Market meltdown: The global rally is over. After the longest market rally in history, global markets are set to end the year in bear territory.

Currency crisis: Currencies were hammered. The British pound, the Indian rupee, the Turkish lira and the Iranian rial also suffered major falls, mostly due to political issues.

Realty check: One of the main drivers of the UAE economy, the property markets suffered their second consecutive contraction.

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