UAE economy to grow 3% this year

24/03/2011 - Dubai Investment News Posted by Neil King
UAE economy to grow 3% this year
The UAE economy is poised to see growth of at least three per cent in 2011, it has been claimed.

A senior official at the UAE Central Bank has claimed that this year could even see economic growth of five per cent, Gulf News reported.

Nariman Abdullah Kamber Al Awadi, chief manager at the bank's training and development unit, told the news provider that the country is once again "in recovery mode" following growth of 2.5 per cent in 2010.

The expert claimed that large swings in economic activity must be avoided in order to gain stability.

He said: "The consequences of global economic stability are detrimental. Recession prevails, foreign direct investment disappears, [there's] high unemployment and consumers are forced to scale down their standards of living."

The comments follow the publication of a report by the Dubai Statistics Centre, which showed that the economy in Dubai recovered last year with GDP growth of 2.2 per cent.
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