The International Monetary Fund (IMF) has projected a GDP growth of 2.4 per cent for UAE for the financial year 2010 in the wake of improving market conditions and a number of steps taken by the government to mitigate the impact of global financial crisis.

Country's economy is expected to contract by 0.2 percent by the end of this year as uncertain conditions of the financial market adversely impacted investor's sentiments in the region.

However, analysts believe that improvement in oil production and slowly recovering prices would have positive impact over UAE's economy which remained under pressure throughout the year. Moreover, UAE's banking sector has also been showing the signs of recovery and consumer confidence touched all time high.

Hoping earlier economic recovery of the UAE from the global financial crisis, Hamad Buamim, Director General of the Dubai Chamber of Commerce and Industry, said, "The government has played a crucial role in getting the country's economy back on track by offering timely sops and liquidity to the affected economic sectors."

Buamim also believe that falling realty prices and rental costs are advantageous for Dubai residents and businesses and he projected positive export forecasts for the country.