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UAE: Growth rate forecast to fall by IMF

The International Monetary Fund has forecast growth of just 1.3% this year as the UAE economy’s expected 3.3% expansion of non-oil GDP is offset by a 2.9% decline in oil GDP as a result of production cuts. The IMF expects the federal budget deficit to fall to 4.5% of GDP in 2017 and for economic growth to rise above 3% “over the medium term”.

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