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News - UAE Economy to be back on track in 2010
According to a recent piece of research by The IMF, the UAE economy will shrink by a less amount than expected and will start growing again in 2010. Due to the resurgence in the oil price since the IMF’s last report in May 2009, the new data indicates that the UAE economy will only contract by 0.2% instead of 0.6% in 2009, as originally forecast. Tim Fox, Chief Economist at Emirates NBD Capital, has said that the sustained high oil price will lead to a strengthening of the GDP which will truly manifest itself next year. The UAE is expected to return to positive growth in 2010 with an expansion of 2.4% in the economy. Growth could be as high as 5.4% by 2014 according to the IMF report. The report suggests that oil exporters with ‘fiscal room’ should maintain high levels of public spending in order to revive the non-oil sectors, driving greater contribution to the strengthening of GDP growth. The UAE has already openly stated that it intends to continue its investment in the country, regardless of the economic downturn.
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