IMF predicts growth for UAE economy

16/04/2009 - Dubai Investment News
IMF predicts growth for UAE economy

Economic growth has been predicted to continue in the United Arab Emirates (UAE) this year, despite a slowdown.

The International Monetary Fund (IMF) forecast growth of 3.3 per cent over the course of 2009, which may encourage those planning to buy property in Dubai.

According to the lender, this is likely to increase further in 2010 as fiscal measures implemented by the government take hold.

Chief economist of the Dubai International Financial Centre Nasser Al Saidi told the Khaleej Times that such a view is "particularly significant" when much of the rest of the world is suffering as a result of the economic downturn.

"The positive views expressed by IMF on UAE's fiscal, monetary and financial policy responses are encouraging," he was quoted as saying.

UAE minister of economy Sultan bin Saeed Al Mansouri recently suggested that stabilisation is taking place, with the worst effects of the financial crisis having already been seen.

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