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The United Arab Emirates is expected to return to growth in 2010, the International Monetary Fund said Wednesday.
In a statement released after article IV consultation with the U.A.E. authorities, the IMF executives said the prospects for the U.A.E. economy, given its underlying strengths, remain favorable. "It will be important, however, to embark on a more balanced and sustainable growth path over the medium term," they said.
The economy would expand 0.6% in 2010 after an estimated contraction of 0.7% in 2009. Inflation would rise to 1.5% this year from 1% in 2009.
"The United Arab Emirates was adversely affected by a series of external and domestic shocks in 2009, including the global economic slowdown, the shutdown of international capital markets, and the impact of the bursting Dubai property bubble in mid-2008," IMF said.
IMF directors underscored that, given the limitations of monetary policy, the U.A.E.'s fiscal policy should continue to play an important role in supporting economic activity. Most directors agreed that the exchange rate peg to the U.S. dollar has provided a credible anchor and contributed to macroeconomic stability.
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