Economy Minister Projects 3% Growth Rate for UAE

Economy Minister Projects 3% Growth Rate for UAEThe UAE economy, currently reeling under pressure due to market uncertainties and decline in demand, is likely to do some better in the year 2010 by posting a growth rate of 3 per cent. The projections are made by Sultan bin Saeed al-Mansouri, the Economy Minister of the Gulf nation.

The oil rich Gulf region, once scaling new heights of growth, faced a tough time last year due to slump in demand across all key economic sectors on accounts of global downturn.

Al-Mansouri added, "I am very optimistic the economy will roll this year. The figures will be roughly between 2.5% and 3% but it will all depend on many factors." The Minster had projected UAE's economic growth rate at 3.2% in
2010.

The second largest Arab economy pushed into uncertainties due to Dubai World's crisis making analysts to cut growth projections for the country for 2010. Media major Reuters poll projected growth rate of 2.5% for UAE. The International Monetary Fund (IMF) said that UAE's economy is likely to grow 0%-1% this year against 0.7 per cent contraction in the previous year.

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