(MENAFN) The economy of the UAE is forecast to register 3.8 percent growth this year, which is lower than the 4.5 percent growth last year, according to Global Focus report issued by Standard Chartered, Gulf News reported.
The prime contributing emirate for sustaining this healthy growth is Dubai which continues to be the center for 55 percent of the region's trade despite looming challenges for its tourism and retail sectors.
"We now estimate that Dubai's trade sector will grow by a more robust 7 percent in 2015 (against our earlier projections of 4.5 percent) as improving regional trade dynamics support trade flows through Dubai ports," an economist from Standard Chartered said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.