Dubai's finances stronger but still vulnerable, IMF says | Reuters

Dubai's finances stronger but still vulnerable, IMF says | Reuters:



"Dubai's ability to finance its debts has improved because of stronger economic growth and more conservative spending, but the emirate would still be vulnerable in a major dowturn of the global economy, the International Monetary Fund said. 




Dubai's government debt is expected under a baseline scenario to fall gradually to 41.6 percent of gross domestic product in 2019 from 60.2 percent last year, the IMF said after annual consultations with the United Arab Emirates.



That would be well below a peak of 66 percent in 2009, when a property market crash pushed Dubai to the brink of default and jolted financial markets around the world - though it would still be far above 15.4 percent in 2007, before conditions started deteriorating."



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