DUBAI: The economy of the United Arab Emirates might contract this year due to the global financial crisis after enjoying years of rapid growth, the economy minister warned in remarks published on Friday.
There might be some contraction, Sultan bin Saeed Al-Mansuri was quoted by Al-Bayan daily as saying.
The extent of the contraction depends very much on the world economy and what will happen in the second half of 2009, he said.
Mansuri was speaking a few days after Standard and Poor s rating agency said the economy of Dubai – the regional business and tourism hub that is part of the UAE federation – is expected to shrink by 2 to 4 percent.
Earlier this year, the International Monetary Fund said it expected the UAE economy to grow by only three percent this year after expanding by 7.4 percent in 2007 and an estimated 6.9 percent in 2008. -AFP
