The United Arab Emirates is expected to see 3 percent non-oil economic growth in 2010 compared to 1 percent this year, the regional head of the International Monetary Fund said on Monday.
‘We see non-oil growth of the UAE this year at 1 percent but next year it will be 3 percent,’ Masood Ahmed told Reuters at a conference in Abu Dhabi.
Ahmed did not give a forecast for the overall economy. ‘Overall, it is driven by what is happening to oil demand.’
The global credit crunch hit the Gulf region hard but a turnaround in oil prices and signs of global economic recovery are helping the region get back on its feet.
The UAE minister of economy Sultan bin Saeed Al-Mansouri said on Friday the country’s economic growth will be up to 3 percent in 2010 from 1.3 percent this year.