The United Arab Emirates economy, the Arab world’s second largest, is recovering at a brisk pace after the global financial crisis. However it remains threatened by low oil prices, the IMF stated yesterday.
“Economic recovery has continued at a solid pace, supported by construction, logistics and hospitality,” a team from the International Monetary Fund (IMF) said after visiting the Gulf country.
Growth was underpinned by ongoing public projects in oil-rich Abu Dhabi and continued strength in Dubai’s services sectors, it said in a statement.
UAE, the fourth largest Opec supplier, was hit hard by the global financial crisis, strongly dampening economic growth which averaged just 1.5 per cent between 2007 and 2011.
The IMF projected the UAE economy would grow 4.25pc this year, down from 5.2pc in 2013 with non-oil growth forecast at 5.5pc.