Dubai Economy Will Grow By A Massive 5% This Year
Dubai Economy will experience big growth this year, despite a loss of population. Both results of the COVID-19 pandemic.
A S&P Global Ratings report said there’s been an 8.4% population drop in Dubai in the last year. COVID-19 has been attributed to a significant decline.
Many countries in the region reported job loss due to the pandemic and with Dubai being home to a large expat population, 8.5% of the population have moved ‘home’ away from the Emirate. Furthermore, Dubai is a ‘global hub for aviation and transport, shopping and tourism,’ according to the report, all sectors which took a big hit due to COVID-19.
Looking ahead, the report noted EXPO will “provide a platform for recovery activity’ and all sectors can expect to see significant growth this year.
GDP saw a big drop but will rise for 2021
Graphic via Bloomberg
The Dubai economy is famous for its ability to adapt
In the last year alone, Dubai has introduced further long term visa options, foreign ownerships and relaxed laws to entice new workers to move here. They’ve also achieved a mission to Mars and launched the 2nd most successful vaccine roll out IN THE WORLD in the midst of a pandemic, while the rest of the world stood still.
Like most cities, we took a hit during COVID, but this chameleon-like city is well on the road to recovery.
