The UAE’s economy will see improved growth of between 3 and 3.5 per cent in 2011 on the back of higher oil prices and increased trade, according to Sultan al-Mansouri, the UAE’s Minister of Economy.
Al-Mansouri also forecast growth of between 2 to 3.2 per cent for the UAE in 2010, pointing to the 12.5 per cent growth in the aviation sector in the first six months of the year and said trade figures had increased.
He predicts gross domestic product (GDP) will reach AED1 trillion ($272.3bn) by the end of this year. The country’s nominal GDP had fallen to AED914.3bn in 2009 from AED934.3bn in 2008 in the wake of the global financial crisis.
“All the issues that we had to tackle, and they were challenging issues for us in 2009, have been solved or are almost at the end of the solution,” says Al-Mansouri.