The UAE is the best managed economy in the region, according to the latest regional economic outlook report from the Institute of International Finance (IIF), a Washington based association of world’s leading banks and financial institutions.
The IIF noted that the UAE authorities were the first in the GCC to reform energy subsidies and liberalize fuel prices. The Emirates have also continued to improve the business environment and competitiveness. Economic performance is likely to improve in 2017 and 2018 with firming oil prices, improvement in global trade, and the expected easing pace of fiscal adjustment.
“The UAE with large financial buffers (estimated at around $670 billion), safe-haven status, perfect infrastructure, sound banks, and diversified and business friendly economy will help the economy cope with prolonged low oil price environment,” said Garbis Iradian, MENA Chief Economist of the IIF.
Source Credit: Khaleej Times
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