Tuesday, March 31, 2009


"But sometimes, the bad news has to be admitted from on high. The UAE's Minister of Economy Sultan bin Saeed al-Mansouri last week admitted that the economy of the world's fifth largest oil exporter is expected to shrink in 2009. He refused to give an indication as to the extent of the contraction, saying simply that the UAE would escape recession. The International Monetary Fund had previously said it expected the UAE economy to grow by only 3% this year after expanding by 7.4% in 2007 and an estimated 6.9% in 2008." (thanks Saeed)