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Thursday, 21 July 2016

IMF calls for more UAE targeted spending amid slowing growth forecast | The National

IMF calls for more UAE targeted spending amid slowing growth forecast | The National:

"The IMF has confirmed its forecast for a sharp slowdown in economic growth in the UAE this year and called for further government spending cuts to deal with the adjustment to a lower oil revenue future.

The IMF executive board report, which is the culmination of its annual review of the UAE economy, confirmed its spring forecast for non-oil economy growth this year of 2.4 per cent, down from a lowered estimate for last year’s growth of 3.7 per cent.


"Economic activity is expected to moderate further in 2016, before improving over the medium term," said the report from the IMF’s 24-member board, which is chaired by its managing director Christine Lagarde."



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