Dubai: The IMF sees Dubai’s economy is set for a strong growth as the government accelerates spending in preparation for the Expo 2020. Dubai’s gross domestic product is set to expand 3.3 per cent this year and 4.1 per cent next year, Natalia Tamirisa, the IMF mission chief to the UAE, said. Dubai’s GDP grew 2.8 per cent last year, she said.
“We see a similar pattern in Abu Dhabi,” Tamirisa said.
The IMF expects Abu Dhabi’s non-oil economy to grow 2.3 per cent in 2018 and 3.6 per cent the following year, as the government ramps up spending. Commenting on Dubai government finances Tamirisa told Reuters that it is not a source of concern. The ratio of Dubai’s public debt to GDP is manageable at 30 per cent, not high by international standards, and is expected to rise only moderately in the next couple of years as Dubai prepares to host the Expo 2020, she said. — Agencies
