UAE is Now Officially in an Economic Slump

I love how the language has changed over time.  At this point we are just waiting for the word property ‘crash’ to be used for the first time.

UAE poised for two-year slump says Central Bank Governor

http://archive.gulfnews.com/articles/08/12/12/10266498.html

12/11/2008 11:41 PM | Reuters

Frankfurt: The UAE is poised for two years of slow economic growth as its property sector is hit by the global financial crisis and banks rein in expansion, the central bank governor said.

Growth in gross domestic product (GDP) in the world’s fifth-largest oil exporter would fall to low-single-digit levels in 2009 and 2010, Sultan Bin Nasser Al Suwaidi said, as an economic boom spurred by six years of high oil prices comes to a close.

Still, a slump in the booming property sector would be limited as the country continues to adopt an expansionary fiscal policy, although it will take steps to ring-fence its banking system, Al Suwaidi said…