UAE central bank expects “low” growth in 2010
The country will see “real economic growth in 2011,” according to the bank.
February 8, 2010 8:27 by kippreport
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
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