Source: Gulf News 2013
Dubai: While the UAE is set to record four per cent growth in Gross Domestic Product (GDP) this year, Sultan Bin Saeed Al Mansouri, the Minister of Economy, told media on Thursday.
“The UAE GDP is expected to keep growing at the same pace, at four per cent in 2013, in comparison to last year,” he said.
Since the UAE is an open economy, it is not expected to witness better performance since the economic situation worldwide is not stable and facing real challenges.
“The UAE economic performance is very good but would be better this year if the economic situation in Europe and US was better,” said Al Mansouri.
“All indications including oil price, Chinese economic slowdown and the Eurozone economic crisis are contributing to the UAE’s growth as it is integrated in the world economy.”
However, Al Mansouri remarked that different economic sectors in the UAE performed well last year and contributed to this sustainable growth, and that the 2012 data is to be released soon.
“Our economy is backed by good performance of different sectors,” he said.
The rate of inflation recorded in 2013 would be almost the same rate as 2012. “The rate of inflation is projected to be managed between 1 and 1.5 per cent maximum by end-2013, however, this would be subject to the oil price and the world economy,” he said.
Pointing to the US-based accounting firm, Arthur Andersen, that faced ethical crisis, Al Mansouri said that the UAE Ministry of Economy is finalising accounting law to be issued this year.
In addition to this the ministry is working on a set of laws as part of a push to modernise the legislative system years ago including, Commercial Companies Law, Competition Law, Auditors Law, Arbitration Law, Investment Law, Industry Law, Consumer protection law, Small and Medium Enterprises law, Financial services law, Certificate of Origin Law and Anti-Fraud Law.
The revised laws are expected to boost the investment and business environment in line with the government’s strategic vision for 2021.