UAE economy back on sustainable growth path, say experts | GulfNews.com:
"The UAE economy suffered a sharp downturn following the collapse of US investment bank Lehman Brothers five years ago, which led to a full-blown global financial crisis and worldwide recession. Since then, the economy has bounced back but the hard lessons from the crisis are well learnt, say experts.
“Economic activity (in the UAE) has been picking up steadily since the trough in 2009 when economic activity contracted by -4.8 per cent. 2010 saw a return to positive growth of +1.7 per cent. Real gross domestic product (GDP) growth rose to 3.9 per cent in 2011 and 4.4 per cent in 2012,” Giyas Gokkent, chief economist at National Bank of Abu Dhabi (NBAD), the emirate’s largest bank by assets and market capitalisation told Gulf News.
Gokkent said the UAE’s average real GDP growth was 1.6 per cent per annum between 2008 and 2012, significantly below the long term average. The average growth rate between 2002-2012 was 4.2 per cent per annum, while the average non-oil real GDP growth was 1.9 per cent per annum between 2008 and 2012, he added."
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