The UAE?s economy and the banking system are well positioned to withstand any global economic downturn resulting from Europe?s debt crisis, said Jonathan Morris, chief executive officer of Standard Chartered Bank in the UAE. ?We expect the economy to grow at a slower rate in 2012 compared to the 3.8 percent growth projected for 2011. But the country?s strong fiscal position gives it enough room to spend its way out of a potential slowdown. This is true about most Gulf economies,? said Morris.
� Al Nisr Publishing LLC 2011. All rights reserved. Source: http://www.albawaba.com/uae-well-placed-withstand-global-slowdown-404552
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