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Monday, 26 April 2010

U.A.E. Minister Lowers Growth Forecast -

The economy minister of the United Arab Emirates on Monday lowered his 2010 economic growth forecast for the country to 2.5% from 3.2%.

"Depending on oil prices, the U.A.E will see up to 2.5% GDP [gross domestic product] growth," Sultan Al Mansouri told reporters on the sidelines of a conference. Mr. Mansouri didn't say why the GDP forecast was lower than the 3.2% economic growth forecast given to reporters earlier this year.

"I'm very positive oil prices will give the U.A.E. a push to utilize these revenues to inject into infrastructure and revitalize the economy," Mr. Mansouri said when asked about oil prices.