World Economy

IMF Report on UAE Unfounded

IMF Report on UAE UnfoundedIMF Report on UAE Unfounded

A senior economist of the UAE’s biggest bank Emirates NBD, Tim Fox, said Saturday that the International Monetary Fund’s (IMF) move to downgrade the expected gross domestic product (GDP) growth for the Persian Gulf state was not right, Xinhua reported. The IMF’s downward adjustments might be obsolete as the economy of the UAE, a major oil supplier, has reached a turning point due to the drop in oil prices. The IMF downgraded its estimate for the UAE’s GDP for this year and for 2016 down to 3.2% from 4.5% and 4.4% respectively. This downgrade occurred when oil prices were already heading higher.