United Arab Emirates

• Pages: 56-

Page 56

In recent years, the U.A.E. has enjoyed rapid economic growth-impressive by any global standard. Its challenge now is to address the housing constraint that is pushing up inflation while sustaining growth and ensuring macroeconomic and financial stability.

Over the past four years, the U.A.E.'s strong economic growth has been driven by high oil prices and a rapidly expanding non-oil sector.

[ GRAPHICS ARE NOT INCLUDED ]

Domestic and foreign-financed investments have shot up, as the U.A.E. has become more service oriented, with competitive tourism and other sectors.

[ GRAPHICS ARE NOT INCLUDED ]

Private sector credit has also expanded rapidly, financed from domestic resources and foreign borrowing.

[ GRAPHICS ARE NOT INCLUDED ]

Record-high oil prices have generated increasing current account and fiscal surpluses and facilitated the buildup in official foreign assets . . .

[ GRAPHICS ARE NOT INCLUDED ]

. . ....