The UAE economy is showing impressive resilience with Dubai recording a steady improvement from a negative to two per cent growth in 2011 and a projected 3.4 per cent growth in 2012 and even a higher growth rate in 2013, the International Monetary Fund, or IMF, said on Sunday.
“The UAE as a whole is responding comfortably to improved non-oil and oil sector growth. However, the medium term challenge for the county is to further build on the good performance to strengthen its resilience, including in relation to GREs,” Masood Ahmed, director of the IMF’s Middle East and Central Asia Department, told Khaleej Times.
The GCC growth remains robust, but is expected to slow from 7.5 per cent in 2011 to 5.5 per cent in 2012 and to 3.73 per cent in 2013, mostly due to a tapering off of oil production, Ahmed said while releasing IMF’s latest Middle East, North Africa and Pakistan (Menap) Outlook report.
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