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UAE to be slowest growing economy

The UAE is set to be the slowest growing economy in the GCC over 2010 and 2011, according to the IMF.

May 25, 2010 4:19 by

The International Monetary Fund says the UAE will be the slowest growing member of the GCC through 2010 and 2011, reports

The report says the impact of the debt crisis and the bursting of the real estate bubble have slowed growth in the Emirates. The country is predicted to grow at a rate of 1.2 percent in 2010 and 3.1 percent in 2011, well behind the rest of the GCC.

Abu Dhabi is given a stronger outlook, with growth of 3.7 percent predicted in 2010, but it seems Dubai’s woes will continue to weigh on the country.

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