The International Monetary Fund has got its forecasting model for the UAE in a bit of a fix. By understating the true extent of the downturn a year ago, the IMF is unable to show the true extent of the recovery in 2010.
Yesterday the IMF upgraded its forecast for GDP growth to 2.4 per cent rather than the 1.3 per cent it predicted before. The IMF also revized its forecast of the fall in GDP last year from one per cent to 2.5 per cent.
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