UAE expects economy to grow faster than IMF view
DUBAI, United Arab Emirates (AP) — The Central Bank of the United Arab Emirates says the OPEC member's economy has shown "sustained resilience" and is likely to grow faster than the International Monetary Fund expects this year.
The bank said in its first "financial stability review" Monday that the UAE's economy apart from oil receipts may grow by up to 4 percent. The IMF had expected non-oil economic growth of 3.5 percent this year.
It attributes the stronger forecast in part to expectations of improved growth in the commercial hub Dubai and the capital Abu Dhabi, and increased public spending in the poorer northern emirates.
The seven-state federation is the Arab world's second largest economy. Besides oil, its economy is driven by trade and services such as banking and tourism.