Abu Dhabi’s GDP to grow below 7%

Abu Dhabi’s GDP to grow below 7%Mohammad Omar Abdullah, a leading official with the oil-rich Abu Dhabi government has said that the country is unlikely to register a growth rate of 7 per cent this year given to the prevailing market conditions.

Projecting growth rate of 6 to 7 percent for the country in line with the Abu Dhabi Vision 2030 plan, Omar Abdullah expressed, "We have to make downward adjustments in terms of the growth."

Abu Dhabi Vision 2030 plan was announced in March 2008 which is aimed to promote the capital city as a real estate and cultural hub of the World apart from its dominance in the oil and development segment.

Meanwhile, IMF has projected a growth rate of 0 to 1 per cent for the UAE pointing that impact of global slowdown will be clearer in the coming year due to economic uncertainties and volatility in the market. Forecasting UAE's economy to contract 0.7 percent in 2009, the International Monetary Fund (IMF) has also projected contraction of Dubai's economy in the current year.

Marios Maratheftis, Dubai-based economist at Standard Chartered Plc said, "Neither Dubai nor Abu Dhabi need to grow by 6 to 7 per cent. The issue for the country going forward should be the quality of growth and not growth at all costs."