UAE: IMF approves easing of austerity

Further detail was provided on the prospects for the UAE economy in the International Monetary Fund (IMF)’s annual review, released on 30 September, which gave a green light to an easing of austerity measures. Citing a rise in oil prices and a boost from increased state spending, the IMF predicted that GDP growth would strengthen to 2.9% this year and 3.7% in 2019. As a result, it said, “fiscal easing is warranted in the near term”.