Page 443 - Ministry of Economy - December 2017

12/25/2017 Challenges may come, but UAE's ready for it | MENAFN.COM
"With two years into Expo 2020 Dubai, the economic growth
momentum is expected to pick up on the back of a vibrant

non-oil sector as the country remains on track to establish a
diverse knowledge- and innovation-driven economy," Al

Mansouri said.

Hafez Ghanem, World Bank vice-president for

the Middle East North Africa, said Dubai is a

good example of how an oil exporter should

diversify. He noted that low oil prices are

providing an impetus for Gulf economies to

diversify away from the oil industry.

The World Bank of cial, however stressed the need for the

private sector to drive most of the economic growth, and
private-public-partnership models will be very important in

securing that. He believes that the privatisation drive will help
prop up the capital markets.

The Washington-based IMF has projected a 1.3

per cent growth in UAE's real GDP in 2017, which

it expects to surge to 3.4 per cent in 2018. While

consumer price in ation in the UAE will edge up

slightly from 2.1 per cent in 2017 to 2.9 per cent

in 2018, the UAE will record current account

balance at 2.1 per cent this year and next, the

IMF said.

According to the UAE Vision 2021 plan, the creation and

maintaining of a sustainable and diversi ed economy is a key
component of future planning, and progress has continued to
be made towards that objective.

http://menafn.com/1096175536/Challenges-may-come-but-UAEs-ready-for-it 5/9