Higher oil and gas output and its firm prices along with a modest pick-up in non-oil actvitity will accelerate the UAE’s real economic growth to four per cent year-on-year in 2011 and will lift it even further stronger to 5.1 per cent in 2012, an economist said
The growth forecast is stronger than the latest International Monetary Fund’s estimate of a 3.3 per cent economic expansion for the year.
“Economic activity has rebounded in the United Arab Emirates supported by strong policy measures to stimulate growth, “ said Dr Giyas Gokkent, the Group Chief Economist at NBAD.Speaking at the 4th UAE Global Investment Forum in the capital, he said: “Increasing oil production should support output growth as energy prices
remain firm."
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