Economic activity in the UAE, the second-biggest Arab economy, is recovering and is likely to gain momentum next year, according to the International Monetary Fund.
The country's non-oil economic growth could exceed 1 per cent this year and further accelerate to around 3 per cent in 2020, its fastest pace since 2016, as businesses benefit from the various fiscal stimulus programmes and Dubai's hosting of Expo 2020. The six month-long event is expected to attract more than 25 million visitors
"Sustaining robust non-oil growth after Expo 2020 remains a key priority," Koshy Mathai the IMF executive who led the mission to the UAE, said. Sustained growth of the non-oil economy is "more pressing over the longer term" as global oil demand is likely to slow in the face of technological advances and policy responses to climate change, he noted.
The UAE’s overall gross domestic product would register a 2.5 per cent rise in 2020, the IMF said after concluding an Article IV Consultation with the UAE.
The Washington-based fund identified development and growth of the small and medium enterprise (SME) sector and strengthening fiscal frameworks as top priorities for the country, to ensure sufficient savings of oil wealth for future generations and the smoothing of short-term economic fluctuations.
The IMF mission lauded the steps taken to implement a comprehensive national SME development strategy. It recommended establishing a single agency responsible for SME promotion, and suggested steps to lowering start-up costs, operationalising the new insolvency framework and promoting greater financial inclusion.
“The authorities have already taken a number of important steps, including adopting a foreign direct investment (FDI) law allowing 100 per cent foreign ownership in selected sectors, and reducing or eliminating fees and penalties,” the IMF noted.
“A further strengthening and development of the financial sector should support private-sector development while mitigating risk.”
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Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
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