Higher crude production will ally with an increasing in public spending and better performance in Dubai’s non-oil sectors to boost the UAE’s economy by nearly four per cent in 2011, a key Saudi bank said on Saturday.
The forecast growth by Saudi American Bank Group (Samba) is higher than the 3.5 per cent rate projected by the International Monetary Fund, which itself had revised up its previous 3.3 per cent growth level.
“While still weak real estate sectors and debt problems in Dubai are providing stiff headwinds, real GDP growth is now projected to rise to four per cent this year, moderating to 3.6 per cent in 2012,” Samba said in a study.
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