IMF raises UAE growth forecast
The International Monetary Fund has revised upwards its 2014 economic growth forecast for the UAE to 4.5%, but said that authorities need to be careful to avoid a potential property bubble, Reuters has reported. The UAE’s real gross domestic product growth will remain firm and at the same level as now estimated for 2013, driven by ongoing momentum in nonoil activity. Oil-fuelled growth could be limited due to an ample global supply, the IMF said. Growth should be aided by a number of megaprojects, although their total cost, pace of execution and financing remain uncertain, and Dubai’s hosting of the Expo 2020 exhibition, the IMF also said.