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The International Monetary Fund (IMF) recently concluded a mission to the UAE, releasing its findings on the state of the UAE economy. According to research, the IMF suggested that the economy was “at a turning point” on the back of substantial of Expo 2020 investment being completed by the end of this year. New investment plans from government bodies and stimulus packages are expected to accelerate as oil prices inch higher.
The IMF predicts that the UAE’s economic growth could exceed 2% this year and approach 3% in 2020-21. It stated that structural reforms, consolidation in public and private sectors, including some large commercial banks, and a slight increase in interest rates have all contributed to the adjustment in the economy. Weaker external demand and heightened geopolitical tensions resulted in slower non-oil growth – 1.3% in 2018 – while the overall economy grew at 1.7%.
The report added that sustaining strong growth after Expo 2020 will depend on the performance of non-oil sectors, the reforms introduced and the stimulus packages. To this effect, the IMF recommended reducing public sector share to encourage more private-sector players to help boost growth. This, along with strengthening the opportunities for SMEs and encouraging more Foreign Direct Investment (FDI) should be the priorities.
Additionally, the recent adoption of the federal debt law was also welcomed by the IMF. It added that the issuance of local-currency government securities should proceed in order to establish a benchmark yield curve.
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BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing