UAE growth may pip IMF view

The UAE’s economic growth in 2013 is likely to surpass the estimates given by the International Monetary Fund, or the IMF, an official of the UAE Central Bank said.

By Issac John

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Published: Wed 20 Feb 2013, 11:05 PM

Last updated: Sat 4 Apr 2015, 9:40 AM

Abdulsattar Faheem, a statistician from the central bank, who was accompanying the IMF delegation to the Dubai Economic Council, or DEC, disclosed this.

The IMF predicted that the UAE’s GDP would accelerate by 3.7 per cent in 2013 and sustain a growth of 3.4 per cent in 2014.

In 2012, the UAE economy is estimated to have grown by around four per cent at a pace higher than the rate forecast by the IMF that put real GDP growth at 3.4 per cent. At that rate, the size of the UAE economy, driven by fast-growing oil and non-oil sectors, would have surpassed the predicted Dh1.4 trillion-mark in 2012.

The National Bank of Kuwait has also forecast UAE growth at four per cent over the next two years on the back of vibrant trade, world-class infrastructure and enhanced competitiveness.

The IMF team’s visit to the DEC is part of its tour of the UAE for a better understanding of the economic status of Dubai and the DEC’s role in Dubai’s economic development. The DEC representatives included Dr Abdulrazak Al Faris, chief economic counselor; Dr Ali Al Sadik, senior economist; and Dr Mahmoud Al Iriani, economic advisor.

Herald Finger, deputy head of the IMF’s Middle East and Central Asia Department, led the IMF team. The mission also included IMF senior economists Zsofia Arvai and Ananthakrishnan Prasad.

Hani Al Hamli, DEC secretary-general, said the recent reports issued by the IMF are reflective of the continuous developments of the UAE’s economy. He pointed out that the IMF’s positive outlook on the growth rates in emerging markets such as China and India would help enhance optimistic forecasts on the growth of the UAE economy.

“The UAE’s economy has surpassed expectations. Dubai is the most attractive and vibrant city when it comes to investments. One of the core reasons behind its economic strength and success is its state of the art infrastructure system, which is a main component of a successful economy,” the DEC Secretariat team said.

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