IMF Raises U.A.E. GDP Forecast After Property Boom, Expo 2020 - Bloomberg

IMF Raises U.A.E. GDP Forecast After Property Boom, Expo 2020 - Bloomberg:



"The International Monetary Fund increased its growth forecast for the United Arab Emirates, citing rising real estate prices and Dubai’s World Expo 2020 win.



The Washington-based IMF said the U.A.E. is set to grow 4.4 percent this year, compared with an estimate of 3.9 percent in October. With real estate prices rising at a fast pace “the award of World Expo 2020 has further strengthened growth prospects,” the fund said in its World Economic Outlook released today.



Real estate prices in Dubai climbed 33 percent in the first quarter of this year from the same period in 2013, according to Jones Lang LaSalle. Dubai, whose economy is forecast to expand about 4.7 percent this year, won the bid to host Expo 2020 in November. The Arab world’s second-biggest economy expanded 4.8 percent last year, according to IMF data."



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