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UAE central bank expects “low” growth in 2010

The country will see “real economic growth in 2011,” according to the bank.

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February 8, 2010 8:27 by



The UAE’s growth rate will be “low” in 2010, but better than in 2009, Sultan Nasser al-Suweidi, the UAE central bank governor said in a media briefing on Monday. The central bank expected the nation’s growth rate to be “slim” in 2009, he said, adding that by 2011, the UAE “will see real economic growth.”

The International Monetary Fund (IMF) said last month that it estimates the UAE economy to grow between zero and 1 percent in 2010.

“We don’t contradict their prediction but the IMF changes their forecast from time to time,” Suweidi said.




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1 Comment

  1. jazzy jo on February 9, 2010 9:00 pm

    It’s about time for Sultan Nasser Al Suwaidi to step down.
    UAE desperate needs fresh blood in this position and he is way too
    old fashion and is unable to fit the needs of this current market and
    global requirements at all. We still have the UAE dirham
    pegged to the dollar and it’s been like this since way before I was born.
    Kuwait was smart enough to restructure and peg its dinar to a basket of
    International currencies.
    For God sake when is this change going to take place.There has not
    been much improvements since he has been a governer for the
    Past couple of decades. I ‘ve been in the banking Industry for the past 15
    years and the UAE Central Bank is way too under developed yet
    compared to the west.We need a change. Let’s face it he is not
    Alan Greenspan or Ben Bernanke.
    A very concerned Emirati

     

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