UAE economic recovery at fast pace: IMF

The UAE economy, the Arab world’s second largest, is recovering at fast pace from the global financial crisis.

“Economic recovery has continued at a solid pace, supported by construction, logistics and hospitality,” a team from the International Monetary Fund said after visiting the Gulf country.

Growth was underpinned by ongoing public projects in oil-rich Abu Dhabi and continued strength in Dubai’s services sectors.

The IMF projected the UAE economy would grow 4.25 per cent this year, down from 5.2 per cent in 2013 with non-oil growth forecast at 5.5 per cent.