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IMF: UAE economy at a turning point
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The International Monetary Fund (IMF) said on Monday that the UAE economy may be at a turning point, with a large proportion of the planned investment for Expo 2020 Dubai being completed by the end of this year.
"The UAE economy has come a long way towards diversifying activity, but the volatility of oil prices continues to affect government spending and some sectors," the IMF said in a statement read by the economy.
"To maintain the growth momentum after Expo 2020, and without the revitalization of public finance, new engines of growth separate from oil prices should be used," he said.
"The economy may be at a turning point now, supported by public spending, as a large proportion of the investments targeted at Expo 2020 are expected to be completed by the end of the year," the statement said.
The IMF said growth in the UAE could "exceed 2% this year and close to 3% in 2020-2021."
The Expo 2020 will be held in Dubai from 20 October 2020 to 10 April 2021.
The exhibition is held under the theme: "Continue the minds and make the future". The exhibition is one of the largest and most important economic events in the world.
Expo 2020 Dubai is expected to attract more than 25 million visitors during the event and 70 per cent of visitors from outside the UAE will attend.
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