UAE to see 3 per cent growth
Dubai, November 20, 2009
The United Arab Emirates will see economic growth of up to three per cent next year, the country's economy minister said on Friday, reiterating that growth would be a more tepid 1.3 per cent this year.
Sultan bin Saeed al-Mansouri was speaking to reporters on the sidelines of the World Economic Forum meeting in Dubai.
Asked about the UAE's growth outlook for 2010, he replied: 'We are very positive about (growth). My expectation is we will manage up to 3 per cent.'
The global credit crunch sent the top Gulf Arab economies - Saudi Arabia and the UAE - into a downturn this year but high state spending and a turnaround in oil prices are helping the world's top oil-producing region get back on its feet.
For this year, Mansouri said growth would be a modest 1.3 per cent. 'If you take inflation which used to 12 per cent and now it's down to 3 per cent, if you minus that from the overall GDP growth as it is calculated, we will manage 1.3 per cent (growth) in 2009.
Inflation, a major headache in the region in the year of an oil and property-fuelled boom, has dropped sharply in the world's third largest oil exporter. Last year, UAE peaked at 12.3 per cent.-Reuters