Diversified economy, Expo 2020 investments to spur growth in sector

 

DUBAI – The International Monetary Front (IMF) sees a rebound by the UAE’s non-oil sector this year owing to the country’s diversified economy and investments in line with Expo 2020.

This was the overall findings of an IMF mission that held their annual discussions with UAE officials to discuss the state of the economy.

The mission’s assessment will be submitted to the executive board for consideration by the end of June, according Natalia Tamirisa, head of the IMF mission to the UAE.




Reports quoted Tamarisa as saying: “The UAE is adjusting well to the new oil market realities. Its large financial buffers, diversified economy and the authorities’ robust policy responses are facilitating the adjustments while safeguarding the economy and the financial system.”

She pointed out that the non-oil economy is set to recover this year as an effect of huge investments spurred by Dubai Expo 2020, with the non-oil gross domestic product (GDP) expected to expand at 3.3 percent this year.

Tamirisa also said they see the budget deficit shrinking to 4.5 percent.

However, the IMF mission head said overall UAE growth is forecast at 1.3 percent because of a contraction of the oil sector as the UAE reduces output in line with a deal among oil-producing countries. GAC/Expat Media

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