After suffering from a downturn in 2009 because of the global fiscal crisis and regional debt default problems, the UAE economy is back on track and recovery could more than offset the decline during that year. The two main emirates of Abu Dhabi and Dubai are projected to spearhead growth, thanks to strong oil prices, restructuring, high public spending and other factors.
One of the key factors that will spur growth probably next year is an expected turnaround in the construction and real estate sector that was one of the main victims of the 2008 global fiscal crisis and ensuing turbulence.
In 2010, the UAE’s real GDP swelled by around 3.2 per cent, according to IMF estimates, while it could grow further by 3.3 per cent this year and 3.7 per cent in 2012. Projections by another establishment, the Institute for International Finance show the UAE GDP will grow by 4.4 per cent in 2011 and 3.1 per cent in 2012.
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