UAE government 'expects 3.2% growth in 2010'

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UAE government 'expects 3.2% growth in 2010'

09 Mar 2010

Government predictions suggest the economy of the UAE will grow by 3.2 per cent in 2010 – higher than International Monetary Fund (IMF) predictions.

According to an AFP report, UAE Economy Minster Sultan al-Mansuri told a forum in Dubai the country will see a gradual improvement during the coming year, despite IMF expectations of a 0.6 per cent rise.

With regard to 2009, Mr al-Mansuri put the government's figures at 1.3 per cent up on the previous year, while the IMF indicated a contraction in the economy of 0.7 per cent.

The IMF reported last month the UAE economy had been "adversely affected by a series of external and domestic shocks in 2009".

Factors involved included the global downturn and the subsequent property crash in Dubai, with the resulting limitations on borrowing and the knock-on effect for the real estate and construction sectors.

State-owned Dubai World is expected to try and broker a confidential deal with creditors this month as it looks to restructure debts reported to be in the region of $22 billion, AFP states.
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