{"id":51194,"date":"2015-06-05T18:00:00","date_gmt":"2015-06-05T20:00:00","guid":{"rendered":"https:\/\/escaesco.com.br\/lab\/anba\/united-arab-emirates-will-post-a-deficit-in-2015\/"},"modified":"2019-06-30T12:59:32","modified_gmt":"2019-06-30T15:59:32","slug":"united-arab-emirates-will-post-a-deficit-in-2015","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/united-arab-emirates-will-post-a-deficit-in-2015\/","title":{"rendered":"United Arab Emirates will post a deficit in 2015"},"content":{"rendered":"<p>S\u00e3o Paulo \u2013 The United Arab Emirates is expected to post a budget deficit this year, the first since 2009. The estimation is by the International Monetary Fund (IMF), which released this Thursday (4th) a report about the country\u2019s economy. Despite the expected deficit of 2.3% of the Gross Domestic Product (GDP) and the drop in the current account surplus also expected for 2015, the Fund stated that the Emirates own large financial reserves, which were accumulated in the last few years with the earns from oil exploration. <\/p>\n<p>And it\u2019s because the drop of the commodity\u2019s prices and revenues that the country now faces challenges. Another factor that impacts the bad economic environment, states the document, is the actual appreciation of the dollar against the dirham, although the American currency value exchange rate is set at one dollar for 3.65 dirhams.<\/p>\n<p>According to the Fund, the Emirates will need to implement a \u201cfiscal consolidation\u201d, which will have to be gradual to not compromise the country\u2019s growth. Thus, the government will have to preserve investments, control wage increases in the public sector, end subsidies, expand revenues in the non-oil sectors and reduce loans for the state-owned companies. <\/p>\n<p>Despite the future challenges and the unfavorable economic conditions, the country is one of the most competitive in the Middle East and has room to implement other changes suggested by the Fund. Among them, job creation in the private sectors for its citizens, improve the business environment, expand access to micro and small businesses to funding and create incentives for entrepreneurship. <\/p>\n<p>The expectation of the Fund\u2019s technicians is for the GDP of the non-oil sector to grow 3.4% this year and inflation to reach 3.8%. Although real estate prices stabilized, rents went up, as well as imported products. The Fund delegation met with authorities of the United Arab Emirates from May 24th to June 4th. <\/p>\n<p><b>*Translated by S\u00e9rgio Kakitani<\/b><\/p>\n<div class=\"credits-overlay\" data-target=\".wp-image-183905\">Marcos Carrieri\/ANBA<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The IMF assigns this negative performance to the oil price decline, but states that the country is capable of making a fiscal adjustment because of the great wealth accumulated with exports of the commodity.<\/p>\n","protected":false},"author":2316,"featured_media":183905,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-51194","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"wps_subtitle":"The IMF assigns this negative performance to the oil price decline, but states that the country is capable of making a fiscal adjustment because of the great wealth accumulated with exports of the commodity.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/51194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=51194"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/51194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/183905"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=51194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=51194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=51194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}