IMF Expects U.A.E. Economy to Rebound in 2018 as Abu Dhabi Grows - Bloomberg

IMF Expects U.A.E. Economy to Rebound in 2018 as Abu Dhabi Grows - Bloomberg:

"The International Monetary Fund expects the United Arab Emirates’ economic growth to nearly triple next year as the country’s largest sheikhdom, Abu Dhabi, benefits from an expected recovery in oil exports.

The U.A.E.’s gross domestic product will expand 3.4 percent in 2018 from 1.3 percent this year, largely on expectations that growth in oil-rich Abu Dhabi will surge to 3.2 percent from 0.3 percent this year, the IMF forecast. Dubai’s output will accelerate more moderately, to 3.5 percent from 3.3 percent in 2017, the Washington-based lender estimated.

“The non-oil sector both in Dubai and Abu Dhabi is almost growing at the same speed, around 3 percent,” Jihad Azour, head of the IMF’s Middle East and Central Asia Department, told reporters in Dubai on Tuesday. The recovery in Abu Dhabi, which holds about 6 percent of the world’s proven oil reserves, will be helped by a recovery in oil output next year after the OPEC-led agreement to reduce production caused exports to decline this year, he said."



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