Dubai – Mubasher: The United Arab Emirates’ non-oil economic growth is expected to rise by 2.4% in 2016, according to a report released by the International Monetary Fund (IMF) on Tuesday.
The report came after the visit of IMF mission to the UAE from 26 April to 9 May for the annual Article IV discussions.
The IMF, under Article IV of the Articles of Agreement, holds bilateral discussions with members on an annual basis.
The report expected the growth of UAE economy to remain moderate this year, amid lower oil prices.
The growth in non-oil GDP is also forecasted to continue rising in the medium term, backed by higher investments in Expo 2020, hosted by Dubai.
The country’s inflation is expected to decline to 3.2% in 2016, compared to 4.1% in 2015.
USE’s budget deficit is projected to increase to 7.2% of the GDP this year, while the current account surplus is expected to shrank 0.3% of the GDP.
