UAE REFORMS MAKE PRESENCE FELT

摘要

As the most diversified market in the Gulf Co-operation Council, the United Arab Emirates has fared relatively well in the lower oil price environment of recent years. Though gross domestic product (GDP) growth has fallen from highs of 5.1% in 2013 to lows of 0.8% in 2017, expectations for the economy are more buoyant over the medium term. In 2018 it is estimated to have expanded by 2.5%, while in 2019 this number should increase to 2.7%, according to research from Abu Dhabi Commercial Bank (ADCB). This performance comes at a time when the UAE's economy is undergoing a profound shift away from oil dependence. "The UAE economy is in one of the best positions in the Gulf to deal with the lower oil price and any global volatility, thanks to its structural strengths including high foreign exchange reserves and low debt levels. The government has also been very proactive in terms of its fiscal reforms over the past three years," says Monica Malik, chief economist at ADCB.