Page 440 - Ministry of Economy - December 2017

12/25/2017 Challenges may come, but UAE's ready for it | MENAFN.COM
Economists and analysts predict that the UAE - marking its
46th year as one of the fastest-growing economies in the

world - is set to almost double its expansion rate in 2018.

The Institute of International Finance (IIF)

af rms that the UAE is on track to be one of the

best performers among the Middle East and

North African economies over the next ve

years as its vibrant growth continues to be

driven by trade and tourism.

"The UAE continues to be the best managed economy in the

region. It possesses large nancial buffers - estimated at
around $670 billion, safe-haven status, excellent infrastructure

and a relatively diversi ed business-friendly economy, which
will help the economy cope with the prolonged low oil price

environment," says Garbis Iradian, chief economist for the
Washington-based IIF.

Riding a wave of diversi cation, particularly into

tourism, non-hydrocarbon trade and nancial

services, the economy is better-positioned than

its peers to continue to mitigate the adverse

impact of low oil prices. Hydrocarbon GDP

accounts for only 30 per cent of total GDP and

oil exports for slightly less than 40 per cent of

total exports.

The International Monetary Fund said in its latest outlook for

the UAE that better days are ahead for the country with the
economy right on track for a rebound with a 3.4 per cent surge
in 2018.

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