42% think UAE economy will suffer further in 2010

Online poll finds majority of people think UAE economy is still in for tough times ahead.
42% think UAE economy will suffer further in 2010
By Elsa Baxter
Thu 20 Aug 2009 07:17 AM

Some 42.6 percent of people who took part in an online poll think the state of the UAE economy will be worse in 2010 than this year.

The findings of an Arabian Business poll run counter to
predictions by the governor of the UAE Central Bank

who said earlier this week that the UAE economy would recover from a contraction to see strong growth in 2010.

Sultan Nasser al-Suweidi said the UAE’s economy was solid and that oil price rises would support economic growth next year.

A total of 29.7 percent of people said they thought some sectors would see growth, but not the construction or real estate.

Property prices in Dubai have tumbled up to 50 percent from their peak in 2008, while millions of dollars worth of construction projects have been put on-hold or cancelled amid the global financial crisis.

The online poll found that 20.6 percent of people said the economy next year will see an improvement on this year, but that all companies will struggle to make profits.

However, 7.1 percent of respondents said the UAE economy would be in a strong position and business will be booming again.

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