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Sunday, 16 July 2017

IMF lowers UAE growth forecast for this year and 2018 on low oil prices - The National

IMF lowers UAE growth forecast for this year and 2018 on low oil prices - The National:

"The IMF has lowered its growth forecast for the UAE for this year and 2018, as low oil prices continue to impact the economy.

The fund, however, said over the medium term non-oil growth is forecast to stay around 3 per cent, thanks to higher investment in the lead-up to Expo2020. It also said the introduction of a 5 per cent value added tax (VAT) in January next year will not have a “significant adverse impact on growth".

Overall growth this year is now projected to reach 1.3 per cent, compared to its 1.5 per cent forecast in April due to a slower expansion in the non-oil economy, which will grow 3.3 per cent, compared to 3.8 per cent in its previous forecast. The growth forecast for next year was lowered one percentage point to 3.4 per cent from 4.4 per cent in April, owing to an easing of oil growth to 3.2 per cent, compared with 6.2 per cent in the April forecast.

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