UAE’s economy impresses nonstop upon new policy

23 Jun 2016

(MENAFN) UAE’s pace of development throughout its 40 years of existence truly proves the resilience of its economy and one that is definitely no longer reliant on oil.

The economy has been rendered more independent and flexible in coping with sharp fluctuations in oil prices, which declined by 55 percent in the last 18 months.

Even as oil prices have fallen since the middle of last year, the UAE economy hit a growth rate of 4.5 percent in 2015, plus it’s anticipated to touch 3.5 percent this year.

Basically the nation’s progress depends on growth of non-oil sectors after implementation of a policy of economic diversification, which led to an impressive development.

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