The IMF has raised to 4 per cent its forecast for UAE growth this year, the only GCC country to have an upgrade to its outlook.
It also said prospects for expansion in the wider Middle East and North Africa region this year were dimmer. Forecasts for the region were lowered to 2.1 per cent, compared with 3.1 per cent in its previous outlook released in May.
The downgrade was largely down to lower oil output in Libya, Iraq and Iran.
It did not give a reason for its brighter UAE forecast. The IMF revised its outlook for the Emirates from its previous forecast of 3.1 per cent this year and 3.6 per cent next year. Instead, growth would reach 3.9 per cent next year.
Economic activity is being spearheaded by an uptick in the performance of the property sector, along with continued robust output in trade, retail, manufacturing and tourism. Oil production in Abu Dhabi has also picked up.
In its latest World Economic Outlook, the IMF also cut its world growth forecast for the sixth time in under two years. It blamed weakness in emerging markets for the sluggishness, despite brisker activity in the developed world.
It forecast global output to rise 2.9 per cent this year, lower from its previous estimate of 3.1 per cent.
tarnold@thenational.ae
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Company profile
Name: GiftBag.ae
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What is double taxation?
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- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
The%20specs
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Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
Gulf Under 19s
Pools
A – Dubai College, Deira International School, Al Ain Amblers, Warriors
B – Dubai English Speaking College, Repton Royals, Jumeirah College, Gems World Academy
C – British School Al Khubairat, Abu Dhabi Harlequins, Dubai Hurricanes, Al Yasmina Academy
D – Dubai Exiles, Jumeirah English Speaking School, English College, Bahrain Colts
Recent winners
2018 – Dubai College
2017 – British School Al Khubairat
2016 – Dubai English Speaking School
2015 – Al Ain Amblers
2014 – Dubai College
Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
