The United Arab Emirates economy is expected to grow by around 3% in 2012 as opposed to 4.2% in 2011, the country's economy minister said Monday.
"I won't be too optimistic about the economic growth for 2012 to be [like] 2011's 4.2% growth... but simply around 3% this year," Sultan Al Mansouri said at a press briefing here.
He cited ongoing euro-zone sovereign debt crisis and slowing international growth as main reasons affecting growth in the Arab world's second-biggest economy.
U.A.E and the world haven't yet come out from the crisis, he added.
The minister's forecast was more conservative than previous estimates. Early this year the minister had said he expects GDP to grow between 3.5% and 4% in 2012.End
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