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Mansouri sees
up to 3.5% GDP 
growth in 2011

DUBAI — The UAE’s gross domestic product (GDP) is expected to record up to 3.5 per cent growth next year, the country’s minister of economy Sultan bin Saeed Al Mansouri said.

Al Mansouri said the GDP is expected to reach Dh1 trillion by the end of this year. The minister also expects 3-3.5 per cent economic growth in the country in 2011. For the current year’s GDP, he said around 2.5 per cent.

Speaking ahead of the World Economic Forum’s Global Agenda Summit, to be held in Dubai from November 29 to December 1, the minister said, “I am optimistic, although I am a bit concerned about other economies in the world because we are 
not isolated.”

He mentioned about the sluggish recovery in the European Union countries and North America. The minister hoped that regional blocs, including the European Union and North America, will quickly address the issues.

For the UAE, he said the indication in the first half of the year is that the country is back on track. The country’s economy has seen strong growth particularly in the aviation sector and trade this year, the minister said.

The global economic downturn hit the world very badly and specially advanced economies felt the worst time. The UAE was one of the few countries to show remarkable resilience to the crisis, thanks to the strength of our economic fundamentals, and the confidence boosting measures by the government, Al Mansouri said.

“Our model of economic diversification is yielding exceptional results and our young population is leading its emergence as a knowledge-driven economy,” he said.

The Government of the UAE places citizens at the core of development, making human capital a priority area for sustained investment. The UAE federal budget for 2011 has allocated 46 per cent of the total spending to education, healthcare and social services.

“Our leadership has also announced the Vision 2021 to make the UAE one of the “best countries in the world” by 2021, the golden jubilee of our federation,” the minister added.

Dubai, which accounts for 85 per cent of the country’s trade, recorded a 2.3 per cent growth in its GDP during the first six months, according to the Dubai Statistics Center. The center said the economy grew on improved trade and manufacturing 
along with tourism.

abdulbasit@khaleejtimes.com