gulfnews : UAE well placed to withstand global slowdown

The UAE's economy and the banking system are well positioned to withstand any global economic downturn resulting from Europe's debt crisis, said Jonathan Morris, chief executive officer of Standard Chartered Bank in the UAE.

"We expect the economy to grow at a slower rate in 2012 compared to the 3.8 per cent growth projected for 2011. But the country's strong fiscal position gives it enough room to spend its way out of a potential slowdown. This is true about most Gulf economies," said Morris.

While the Arab Spring had minimal negative impact on economic activity in the UAE, he said, the relative strength of the economy and the safe haven appeal attracted fund flows into the country.

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