#UAE Economy Starting to Recover From Lower Oil, IMF Says - Bloomberg

U.A.E. Economy Starting to Recover From Lower Oil, IMF Says - Bloomberg:

Growth in the United Arab Emirates’ economy will accelerate to 3.7 percent in the coming year, from 2.9 percent in 2018, as it starts to recover from the slowdown caused by the oil-price slump, the International Monetary Fund said.

Higher oil prices and OPEC’s decision to raise output had been a boost for the oil sector, while non-oil growth is estimated to rise to 3.9 percent this year and 4.2 percent in 2020, the IMF said at the end of a country consultation.

“Inflation is expected to remain low, notwithstanding the introduction of the value-added tax earlier in 2018. Although nonperforming loans rose during the slowdown, banks remain liquid and well capitalized,” the Washington-based lender said.