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Political instability remains an issue for the long-term economic growth prospects, while corruption and red tape still hamper the business environment.

Despite a modest economic rebound the business performance and credit risk situation of several industries remains strained, especially in Dubai.

Beside deterioration of payment behaviour in the private sector, the number of payment delays in larger projects dependent on government funding is still high.

In 2019 and 2020 growth is expected to exceed 5%, supported by exchange rate liberalization, interest rate normalisation and increasing tourist arrivals.

The economy is currently forecast to expand by about 3.5% in 2020, however, this depends on decent performance in agriculture, tourism, and exports.

Slow reform progress and social tensions weigh on the medium-term outlook, while economic expansion remains heavily dependent on the security situation.

GDP growth is expected to recover only modestly as the oil fund is nearly depleted, and ongoing political uncertainty weighs on the economic performance.

Economic growth in Eastern Europe is projected to remain solid this year, despite losing steam mainly because of poor growth prospects for Turkey.

Economic growth in Romania is expected to slow down to around 3-3.1% this year, and to sink below 3% in 2020

Real GDP growth in Slovakia is forecast to remain strong – 3.3% – this year and to slow slightly down to 3.2% in 2020