UAE central bank sees low growth

DUBAI: The central bank of the United Arab Emirates forecast the country’s growth to be low in 2010 but better than the previous year, its governor told a media briefing on Monday, according to a source at the briefing.

Sultan Nasser Al-Suweidi told local media the central bank expected the growth rate in 2009 to be “slim”, while the 2010 rate would be “low” but better than in 2009, the source said.

Analysts polled by Reuters in January predicted UAE growth would be 2.5 percent this year - the slowest pace in the Gulf. But the world’s third largest oil exporter would still improve from an estimated contraction of 1.4 percent in 2009.