Dubai is heading for another year of recession … | beyondbrics | FT.com

… unless it introduces more reforms and completes the $25bn restructuring of troubled government-owned holding company Dubai World quickly.

That’s according to a report published by the Institute for International Finance’s Gulf Cooperation Council, issued in Dubai today. The report presents a forecast of 0.5 per cent economic contraction this year after 3 per cent decline in GDP last year.

Elsewhere in the region, the outlook is brighter: the GCC is forecast to grow 4.4 per cent this year on revived oil revenues and continuing reforms, and 4.7 per cent next year.