{
  "title": "United Arab Emirates: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Arab Emirates",
  "publication": "IMF Staff Country Reports, February 1, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/02/01/united-arab-emirates-2018-article-iv-consultation-press-release-staff-report-and-statement-46571",
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  "summary": "This Article IV Consultation highlights that UAE has successfully weathered recent external shocks, because of its large financial buffers, diversified economy, and strong policy response. The economy is starting to recover from the 2015–16 slowdown caused by a decline in oil prices.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- IMF Article IV Consultation finds the UAE has successfully weathered recent external shocks due to its large financial buffers, diversified economy, and strong policy response.\n- The economy is starting to recover from the 2015–16 slowdown caused by a decline in oil prices.\n- Growth momentum is expected to strengthen in the next few years, helped by higher oil output, increased public investment, and stepped-up structural reforms.\n- Realizing the government’s Vision 2021 requires strong effort to foster productivity growth and increase the private sector’s role in the economy."
    },
    {
      "heading": "Economic outlook and key findings",
      "content": "- Recovery drivers:\n  - Higher oil output.\n  - Increased public investment.\n  - Stepped-up structural reforms.\n- Vulnerabilities and strengths:\n  - Large financial buffers.\n  - Diversified economy.\n  - Strong policy response to shocks.\n- Past shock:\n  - 2015–16 slowdown linked to decline in oil prices."
    },
    {
      "heading": "Fiscal policy, public finances, and recommendations",
      "content": "- Fiscal strategy:\n  - Gradual and growth-friendly fiscal consolidation should resume once the recovery gains momentum to ensure intergenerational equity.\n- Key fiscal priorities highlighted:\n  - Raise spending efficiency.\n  - Continue diversifying revenues.\n  - Firmly anchor fiscal policy.\n  - Improve policy coordination and management of fiscal risks."
    },
    {
      "heading": "Structural reforms and private sector role",
      "content": "- Emphasis on:\n  - Fostering productivity growth.\n  - Increasing the private sector’s role in the economy to meet Vision 2021 objectives."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Publication date: February 1, 2019\n- Pages: 64\n- Volume: 2019\n- Issue: 035\n- Series: Country Report No. 2019/035\n- DOI: https://doi.org/10.5089/9781484397251.002\n- Stock No: 1AREEA2019001\n- ISBN: 9781484397251\n- ISSN: 1934-7685\n- Subjects: Expenditure, Financial institutions, Fiscal policy, Loans, Oil prices, Prices, Public debt\n- Keywords: CR, Dubai government, GDP, Global, government, government of Abu Dhabi, government of Dubai, IMF staff estimate, ISCR, liability positions vis-à-vis nonresident, Loans, Oil prices, stimulus package, SWF investment income\n\nUnited Arab Emirates: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Arab Emirates (February 1, 2019).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 1, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484397251.002",
    "IMF Article IV Consultation finds the UAE has successfully weathered recent external shocks due to its large financial buffers, diversified economy, and strong policy response.",
    "The economy is starting to recover from the 2015–16 slowdown caused by a decline in oil prices.",
    "Growth momentum is expected to strengthen in the next few years, helped by higher oil output, increased public investment, and stepped-up structural reforms.",
    "Realizing the government’s Vision 2021 requires strong effort to foster productivity growth and increase the private sector’s role in the economy.",
    "Recovery drivers:",
    "Vulnerabilities and strengths:",
    "Past shock:",
    "Fiscal strategy:",
    "Key fiscal priorities highlighted:",
    "Emphasis on:",
    "Publication date: February 1, 2019",
    "Pages: 64",
    "Volume: 2019",
    "Issue: 035",
    "Series: Country Report No. 2019/035",
    "DOI: https://doi.org/10.5089/9781484397251.002",
    "Stock No: 1AREEA2019001",
    "ISBN: 9781484397251",
    "ISSN: 1934-7685",
    "Subjects: Expenditure, Financial institutions, Fiscal policy, Loans, Oil prices, Prices, Public debt",
    "Keywords: CR, Dubai government, GDP, Global, government, government of Abu Dhabi, government of Dubai, IMF staff estimate, ISCR, liability positions vis-à-vis nonresident, Loans, Oil prices, stimulus package, SWF investment income",
    "**Country Report**"
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