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UAE central bank sees encouraging growth prospects for economy
- United Arab Emirates: Wednesday, September 12 - 2012 at 15:29
The UAE central bank has said growth prospects of the country's economy are encouraging while banks operating in the country are well-equipped to deal with major stress scenarios and contingencies, Reuters has reported. "As regards the prospects for 2012, the UAE economy may achieve better results than the International Monetary Fund estimate of 3.5% growth," it said in its inaugural financial stability review. Non-oil growth is expected to reach around 4% this year, and inflation would remain moderate in line with the IMF's estimate of 1.5% for the year, the bank said.
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