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FINANCIAL NEWS
UAE’s inflation at 4.5% this year: IMF
24 May 2011
(MENAFN) International Monetary Fund (IMF) stated in a report that it estimated the UAE’s inflation rate to be at 4.5 percent this year due to decreasing property rents, reported Arabian Business.
The statement by the IMF also showed that the Arab country’s unemployment rate was low, standing at 4.2 percent. However, the IMF pointed out that unemployment among nationals was high at 14 percent.
The IMF added that strong growths in the sectors of tourism, trade and logistics would boost the UAE’s economic growth from 2.1 percent in 2010 to 3.3 percent in 2011.
It is worth noting that the UAE’s economy would be helped by higher global oil prices but it would also be harmed by the ongoing unrest affecting many parts of the Arab region, as the IMF explained.
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Bank of Bahrain and Kuwait BSC announces the transfer of HSBC Middle East, Bahrain Retail Business to BBK.
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