UAE: GDP to expand 3 to 3.5%

01/06/2011 - Dubai Investment News Posted by Bob Brunskill
UAE: GDP to expand 3 to 3.5%

Economy minister Sultan bin Saeed al-Mansouri has forecast that the UAE economy will expand between three and 3.5 per cent this year."[Growth] should be around three to 3.5 per cent based on the first five months," he confirmed in an interview with Reuters.The minister backed up this prediction by claiming that the recent inclusion of Jordan and Morocco to the Gulf Cooperation Council (GCC) will help stabilise the region."This is something we see as strategic within the region based on GCC countries' abilities from the financial and economic side," Sultan bin Saeed al-Mansouri explained.It follows a recent forecast form the International Monetary Fund which noted that high oil prices and strong demand from traditional trading partners are ensuring that the UAE continues to see its economic position strengthen.The organisation said that the recovery is taking place despite the emirate's position in an uncertain regional environment.