United Arab Emirates: Staff Report for the 2012 Article IV Consultation
IMF Staff Country Reports, May 18, 2012
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- United Arab Emirates: Staff Report for the 2012 Article IV Consultation
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Bibliographic details
- Published: May 18, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475503692.002
Executive summary
- The economic recovery in the United Arab Emirates is continuing despite the uncertain global economic environment.
- The banking sector has remained well capitalized and profitable, despite a continued rise in nonperforming loans and higher provisioning.
- Executive Directors welcomed the continued economic recovery and favorable near-term outlook, but noted downside risks from the uncertain global environment.
- Directors encouraged the authorities to continue efforts to sustain growth and diversify the economy, while maintaining macroeconomic and financial stability.
Macroeconomic outlook and risks
- Recovery continues amid global uncertainty.
- Near-term outlook characterized as favorable by Executive Directors.
- Downside risks highlighted from the uncertain global environment.
Banking sector and financial stability
- Banking sector findings:
- Remained well capitalized.
- Remained profitable.
- Experienced a continued rise in nonperforming loans.
- Faced higher provisioning requirements.
Policy recommendations and authorities' priorities
- Continue efforts to sustain economic growth.
- Pursue economic diversification to reduce reliance on oil and related sectors.
- Maintain macroeconomic stability.
- Preserve financial stability through continued oversight of banking sector asset quality and provisioning.
Content in this bundle
- United Arab Emirates: 2012 Article IV Consultation; IMF Country Report 12/116; April 27, 2012
- _cr12116a