IMF cuts US growth forecasts
washington — The International Monetary Fund (IMF) said on Tuesday it had cut its growth forecasts for the US economy to 2.1 per cent in 2017 and 2018, dropping its assumption that the Trump administration’s tax cut and fiscal spending plans would boost growth.
In a statement the IMF said the Trump administration’s push for annual growth of over 3 per cent for a sustained period was unlikely to be achieved partly because the labour market is already at a level consistent with full employment.
The IMF in April had forecast US growth of 2.3 per cent for 2017 and 2.5 per cent for 2018, based partly on gains from expected tax cuts and new federal spending. But given the lack of details on the US administration’s “still evolving policy plans” the IMF said it decided to remove the assumed stimulus from its forecasts.
The IMF said the Trump administration’s latest budget plans would place a disproportionate share of spending cuts onto low- and middle-income households, adding “this would appear counter to the budget’s goals of promoting safety and prosperity for all Americans.” — Reuters
“As Dubai continues to evolve and expand the breadth and depth of its tourism proposition, we expect to amplify the appeal of our city as the top consideration for not only first-time but also repeat business and leisure travellers,” said Helal Saeed Almarri, director-general, Dubai Tourism.
Abu Dhabi ranked 7th in MEA
While Abu Dhabi is not in the top 30 global list, it ranks 7th most sought-after tourist destination in the Middle East and Africa.
“The city’s slower growth has allowed it to preserve more of its history and culture, which you can experience on a visit to Heritage Village or the impressive Sheikh Zayed Grand Mosque. And where Dubai is lacking in natural beauty, Abu Dhabi excels with a mix of rolling sand dunes, verdant oases, expansive beaches and towering mountains.”
The report adds: “The city of Abu Dhabi bustles with activity, boasting a mélange of shopping centers, gourmet restaurants, luxury hotels and cutting-edge real estate developments — in all, an excellent portrait of the modern-day UAE.”
What Dubai offers
The report said traditional wooden abras float past motorboats on Dubai Creek, the natural sands of Jumeirah Beach flank the carefully sculpted Palm Islands, and the bustling Gold and Spice Souks thrive amid the larger-than-life Dubai Mall.
“Despite constantly looking to the future, this city isn’t quick to let go of its past. It’s this dynamic that not only put Dubai on the tourist map but will also keep it there,” it said.
“Dubai and Las Vegas have a lot in common. Both cities share a love for the fantastical, with skylines that shine like beacons against barren desert backdrops. People from all over the world flock to these shimmering oases. But as a vacation spot, Dubai easily trumps ol’ Sin City thanks to its gorgeous creamcoloured Gulf shoreline, international culinary scene and largerthan-life attractions,” said US News & World Report, publisher of Best Hotels, Best Cruise Lines and Best Travel Rewards Programmes.
Among Dubai’s top 20 source markets for inbound tourism, while India, Saudi Arabia and the UK, accounted collectively for 30 per cent of total first quarter visitation, China and Russia continued to top the growth trajectory charts with unparalleled 64 per cent and 106 per cent increases over the same 2016 period.
At the recent Arabian Travel Market, Dubai Tourism released finding that show a massive 98 per cent of international respondents across the cross-section of nationalities rating their Dubai travel experience in 2015 at a 7 or higher, with over 61 per cent giving a 9+ score.
“With continuing development of specialised facilities, sophisticated infrastructure and content through 2016 spearheaded by the opening of three new theme parks, a robust calendar of events, festivals and concerts, as well as enhanced beachfront and coastline regeneration initiatives, Dubai ultimately expects to make every visitor to the emirate a life-long ambassador of the destination,” said Issam Kazim, chief executive, Dubai Corporation for Tourism & Commerce Marketing.
— issacjohn@khaleejtimes.com