Dubai Seen Weathering Mideast Slump as IMF Predicts Rapid Growth - Bloomberg

Dubai Seen Weathering Mideast Slump as IMF Predicts Rapid Growth - Bloomberg:

"Dubai, the emirate that teetered on the brink of default during the global recession, is weathering the economic slowdown afflicting its oil-rich Gulf neighbors, according to the International Monetary Fund.
While economic expansion in the Middle East’s financial and transport hub is set to moderate to 3.3 percent this year, domestic investments -- boosted by preparations for hosting the international trade fair Expo 2020 -- will drive a “rapid acceleration” to more than 5 percent by 2020, said Zeine Zeidane, the fund’s mission chief to the United Arab Emirates.
That contrasts with the outlook for oil-reliant neighbors who have slashed spending in response to the crude-price decline. Abu Dhabi, the richest of the U.A.E.’s seven sheikdoms, may be tightening its belt too fast: The IMF expects its economic growth to slow to 1.5 percent this year from 4.3 percent in 2015."



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