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IMF could reduce UAE growth forecast

The International Monetary Fund (IMF) could…

December 2, 2009 12:01 by

The International Monetary Fund (IMF) could reduce its 2010 growth forecast for the UAE because of the recent debt crisis in Dubai, Masood Ahmed, director for the IMF’s Middle East and Central Asia Department said on Wednesday.

“Our anticipation is that there will be a significant reduction in [the non-oil] growth rate, down from 3 percent, probably somewhere between 1 percent and 3 percent,” he said.

The debt problems of Dubai World have “dented confidence” in the city and could lead to “higher credit borrowing costs, and may impact neighboring countries as the conglomerate postpones international projects,” he said, reports Reuters.

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