Smith was one of the few actors to win the treble of an Oscar, Emmy, and Tony
entertainment11 hours ago
“The current deflationary effects will bring down the high inflation in the country, as a positive consequence of the global financial crisis,” Marios Maratheftis, regional head of research- MENA and Pakistan at Standard Chartered Bank, said here on Tuesday while releasing an economic research note on China.
The Minister of Economy Engineer Sultan bin Saeed Al Mansouri, the other day put inflation estimate for the year in the range of 5-8 per cent.
Cheap credits, high food and oil prices, growth in consumption, influx of workers and tourists and housing rents were key drivers in pushing inflation to double-digits. Now, with these factors no more in action, inflation will come down to new lows, Maratheftis said.
He welcomed the UAE Central Bank governor’s recent statement on an economic stimulus plan as big as 7-8 per cent of the gross domestic product.
The Standard Chartered Bank’s economist, who in early last month issued a forecast of 0.5 per cent growth in UAE GDP, said he would not review his forecast because it was already based on the assumption that a stimulus plan will be launched along with measures to ease up tight liquidity conditions in the country.
Comparing with the projected -2.7 per cent growth in US for 2009, he said the UAE will be outperforming many economies by posting a 0.5 per cent growth, reflecting the strength of its economy.
He said that Dubai’s foreign trade will be negatively affected by a contraction in China’s exports by 12 per cent.
Maratheftis predicts an average oil price of $50 a barrel this year, as China which historically used to offset demand in the US by recording a high growth in consumption, may post a zero growth this year, and this will stablise the otherwise collapsing prices.
haseebhaider@khaleejtimes.com
Smith was one of the few actors to win the treble of an Oscar, Emmy, and Tony
entertainment11 hours ago
This new route will operate with three weekly flights
aviation11 hours ago
The GCC’s industry deal makers, tastemakers, and decision-makers are invited to a series of study tours, roundtables, an industry think tank, and beyond at GRIF 2024 Edinburgh
business technology review12 hours ago
As a part of its commitment to this cause, Hotpack Global has taken proactive steps by conducting on-ground interviews and offering opportunities to those seeking amnesty
kt network12 hours ago
Themed 'Content for Good,' the event will take place from January 11 to 13, 2025
uae12 hours ago
New school snack range sidesteps sugar’s impact on student mood and ability to focus
kt network12 hours ago
The mission said that the caller will try to extort money on the pretext of solving some non-existent immigration matter
uae12 hours ago
The plight of Sudan, and El-Fasher in particular, has been under discussion this week at the United Nations General Assembly in New York
mena12 hours ago