Improved oil prices resulted in an increase in UAE’s national savings last year, reported the Gulf News, citing a report by the National Bank of Dubai (NBD).
In 1999, national savings comprised 18 percent of GDP, compared to 15 percent the year before, said the paper.
"Economic growth policies and fiscal adjustment (deficit elimination) can improve the local savings rate," the NBD report said.
"Development economists have viewed lack of savings as a cause of under-development. High investment needs and low savings lead to finance capital formation plans domestically," the report added – Albawaba.com
