UAE economy poised for growth pick up, EFG-Hermes says | The National

UAE economy poised for growth pick up, EFG-Hermes says | The National:

"The UAE’s economy will turn the corner next year, with growth outstripping 2017, thanks to improvement in the non-oil economy, according to the Egyptian investment bank EFG-Hermes. EFG-Hermes expects the economy to slow this year amid continued lower oil prices and the difficulties small and medium-sized enterprises are having in adjusting to the new economic realities. As a result, real GDP growth is expected to slip to 1.1 per cent this year from 3 per cent in 2016, the bank said on Tuesday. Next year, however, the economy is expected to advance by 3 per cent. "We see the pick up in economic activity gaining more pace over the coming period, driven mostly by Dubai’s expansionary fiscal stance, preparations for Expo 2020 gaining pace and Abu Dhabi’s receding fiscal tightening," said Mohamed Abu Basha, an economist at EFG-Hermes. "Overall, GDP growth is likely to decelerate this year in light of lower crude production in compliance with Opec supply cuts.""



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