The UAE should be pleased with the International Monetary Fund’s (IMF) prediction that it will achieve 3.6 per cent growth in its gross domestic product (GDP) this year, which is set to increase marginally to 3.8 per cent by 2015. At a time of global recession, when many of the traditional economic powerhouses are suffering from near-zero or negative growth, it is a matter of celebration that the UAE is achieving consistent economic growth. A few years ago, growth rates between 3 to 4 per cent would have seemed average, but today they are an important signal to the outside world that the UAE’s over-publicised problems are over. In addition, the quality of economic activity shows that the country is focusing on the long term.
The IMF welcomed the fact that investments, trade, tourism and logistics support have played important parts in building the UAE’s growth in GDP.
The UAE’s Minister of State for Financial Affairs, Obaid Humaid Al Tayer, also welcomed the quality of growth when he said the UAE has overcome the impact of the global financial crisis and has guaranteed “a solid business environment for investors that is supported by legislation [and] able to support it in achieving more growth”. The UAE has focused on building the essential infrastructure that a country needs to build a 21st Century economy and the IMF report is welcome proof that this strategy is paying off.
