Dubai: Regaining lost ground
Zawya: The local economy appears set to sustain its recent upward momentum, as investor confidence returns and some core sectors rebound. However, there are still concerns that weak performance of key trading partners and tight liquidity could hold back expansion.
On September 11, the Central Bank of the UAE suggested GDP growth was likely to exceed the levels projected by the IMF earlier this year. “As regards the prospects for 2012, the UAE economy may achieve better results than the IMF estimate of 3.5% growth,” the bank said in a statement.
However, the central bank then singled out Dubai, stating that the emirate could achieve growth of 4% or more this year, as its economy has rebounded strongly from the effects of the global economic crisis.
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