IMF Expects Dubai's Economy to `Gradually Recover' Ahead of Expo - Bloomberg

IMF Expects Dubai's Economy to `Gradually Recover' Ahead of Expo - Bloomberg:

The International Monetary Fund expects Dubai’s economy to gradually recover as the government accelerates spending in preparation for the Expo 2020 event.

Dubai’s gross domestic product will likely expand 3.3 percent this year and 4.1 percent in 2019, Natalia Tamirisa, the IMF mission chief to the United Arab Emirates, said in a phone interview late on Sunday. Dubai’s GDP grew 2.8 percent in 2017, she said.

“The gradual recovery is progressing and we see a similar pattern in Abu Dhabi,” Tamirisa said at the end of a two-week visit to the U.A.E. The IMF expects Abu Dhabi’s non-oil economy to grow 2.3 percent in 2018 and 3.6 percent the following year, as the government ramps up spending.