IMF revises UAE’s growth outlooks

IMFThe International Monetary Fund (IMF) has revised its growth outlooks for the economy of United Arab Emirates (UAE) as indicated by earlier signs of fast recovery during the year 2010.

IMF, after holding article IV consultation with the U. A. E. authorities, projected 0.6 per cent economic growth rate for UAE for the year as compared to a contraction of 0.7 per cent in 2009. An IMF executive expressed, "It will be important to embark on a more balanced and sustainable growth path over the medium term."

The body also projected slight increase in price rising with inflation to touch 1.5 per cent against 1 per cent in the year 2009. IMF also backed the economic policy adopted by the UAE government adding that it would help to increase investment opportunities in the country.

About UAE, Directors of IMF are on consensus that the worst of slowdown has been over and things have been taking positive shape due to improvement in demand and recovery of oil price.