UAE’s economic recovery is solid: IMF | GulfNews.com:
"The UAE has continued to benefit from its perceived safe-haven status amid regional instability. The economic recovery has been solid, supported by the tourism and hospitality sectors, and a rebounding real estate sector, the Executive Board of the International Monetary Fund (IMF) said on Thursday in its statement on Article IV consultation with the UAE.
“While growth in oil production moderated, public projects in Abu Dhabi and buoyant growth in Dubai’s service sectors continued to underpin growth, which reached 5.2 per cent in 2013. The real estate sector has been recovering quickly in some segments, especially in the Dubai residential market,” said a statement from the IMF.
The Fund observed that the macroeconomic outlook is positive. Economic growth is expected at 4.8 per cent in 2014 and about 4.5 per cent in coming years, supported by a number of megaprojects announced over the past 18 months and the successful bid for the World Expo 2020."
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