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Saturday, 11 February 2017

The worst is behind the UAE economy, says IIF | GulfNews.com

The worst is behind the UAE economy, says IIF | GulfNews.com:

"Following the partial recovery in oil prices, there is a sense that the worst is behind for the UAE economy and confidence is gradually returning, the Institute of International Finance (IIF), a global association of financial institutions, said in its latest update on the UAE economy.
“Sentiment has improved with firmer oil prices and an increase in Purchasing Managers Index [PMI]. We expect non-oil activity to pick up modestly in 2017 as fiscal drag eases and consumption spending rises in the second half of 2017, ahead of the introduction of value added tax [VAT] in 2018,” said Garbis Iradian, Chief Economist Africa Middle East, IIF.
The UAE economy has been resilient to the impact of the slump in oil prices as it has benefited from a relatively diversified economy, excellent infrastructure, political stability and ample foreign assets."



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