The UAE’s GDP is expected to fall 2.8 percent this year due to the slowdown in world economic growth, said Planning Minister Sheikh Humaid bin Ahmad Al Moalla on Saturday.
The minister said that GDP was projected to slump to $64 billion this year, compared to $65.9 billion in 2000, according to the Gulf Daily News.
“The slowdown in world growth is expected to slacken demand for crude, the main source of revenue for the UAE,” he said, forecasting an average price of $23 per barrel for the basket of OPEC crudes – Albawaba.com
