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UAE's growth to slow to 2.7% in 2009
- United Arab Emirates: Tuesday, October 14 - 2008 at 09:45
A new report by Standard Chartered has found that real economic growth in the UAE is likely to slow down to 2.7% in 2009 compared with 4.8% forecast for this year, reported Khaleej Times. The country's growth will be slowed by a sharp decline in international trade, along with a drop in tourism and lower investments due to expensive credit, the report said. The UAE's huge current account surplus, which was 20% of its GDP last year, will cushion the impact of a slowdown. However, the UAE's huge current account surplus, which was 20% of its GDP last year, will cushion the impact of a global melt-down. "given the global economic outlook, we should be happy with this number," Marios Maratheftis, Standard Chartered regional head of research, said. but its economic growth appears to slowdown in 2009, Standard Chartered economists said on Monday.
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Jeff Florian, Senior ReporterTuesday, October 14 - 2008 at 09:45 UAE local time (GMT+4)
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