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World economy, oil prices to pick up in 2016: UAE minister

Xinhua, October 26, 2015 Adjust font size:

The United Arab Emirates (UAE) minister of economy said on Sunday that the global economy is expected to improve by 2016 as China and other countries are expected to grow faster.

"The world economy is definitely going to pick up. For 2016, or the second half of next year, the expectation is that the economy of China is going to pick up and also that of many other parts of the world," Sultan Al-Mansouri told the World Economic Forum (WEF) Summit on the Global Agenda 2015, which kicked off in Dubai on Sunday.

He stressed that the current oil price level of around 50 U.S. dollars per barrel is a challenge for the UAE and the rest of the world alike.

But, he noted that there is a forecast that a pick-up in the price of oil will take place.

The UAE has a clear plan to further reduce the share of oil in the economy by 10 percent within the next 15 to 20 years, he went on to say.

Currently, oil stands for 29 percent of the gross domestic product of the UAE which harbors seven percent of the world's known oil reserves.

Last week, Masood Ahmed, director of Middle East and Central Asia at the International Monetary Fund (IMF), said the UAE would record a fiscal deficit of 3.5 percent of gross domestic product, which could increase further in the coming years in case oil prices would not pick up significantly. Enditem