gulfnews : UAE remains resilient amid turmoil

The UAE's economic growth is projected to remain resilient in the face of global economic upheavals and regional political turmoil, the Institute of International Finance (IIF) said in a report yesterday.

"We expect growth to accelerate in 2011 on the back of rising oil production. Most indicators of economic activity have registered a significant rise in real terms in the first three quarters of this year. We have projected a slight slowdown in growth in 2012 because of the potential impact of lower oil prices," said George T.Abed, senior counsellor and director of the IIF's Africa Middle East Department.

The IIF has forecast GDP growth of 4.4 per cent and 3.1 per cent for 2011 and 2012, respectively.

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