...Institutional and economic profile Flexibility and performance profile We expect a modest return to economic growth from 2021, but we anticipate real GDP will reach 2019 levels in 2023. + We forecast that real GDP growth will gradually recover from 2021, on the back of improving domestic demand and rising oil production after the relaxation of OPEC+ production quotas. + We expect regional geopolitical tensions will, on balance, have a limited impact on Abu Dhabi, and we expect continued domestic stability. Abu Dhabi's key rating strength is its large fiscal buffer of above 250% of GDP. + Abu Dhabi's fiscal position is underpinned by the high level of hydrocarbon revenue and therefore continues to be affected by oil price and volume movements, despite government efforts to increase non-oil revenue. + Contingent liabilities from government-related entities or other emirates, although not contractual, could materialize in a highly uncertain regional and global economic environment. + We expect...
