UAE economy to grow 2.4% this year

19 Dec 2010

(MENAFN) A report issued by the Arab Monetary Fund (AMF) showed that the UAE economy is projected to rebound by around 2.4 percent in 2010 after shrinking by nearly 1.0 percent in 2009, Gulf News reported.

The forecasts by the Abu Dhabi-based AMF, a key Arab League establishment, are identical to those by the International Monetary Fund (IMF), which estimated real GDP growth in the UAE at 2.4 percent this year.

Its estimates of the UAE’s GDP change in 2009 were far lower than those by the Washington-based IMF, which said the GDP shrank by 2.5 percent.

As for inflation, the AMF forecast the rate in the UAE to remain low at around two per cent, slightly higher than the 1.5 percent rate in 2009 but far below the record annual inflation level of 12.3 percent in 2008.

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