{"id":42148,"date":"2021-03-01T17:18:09","date_gmt":"2021-03-01T13:18:09","guid":{"rendered":"https:\/\/lovin.co\/dubai\/en\/?p=42148"},"modified":"2021-03-01T17:19:29","modified_gmt":"2021-03-01T13:19:29","slug":"dubai-economy","status":"publish","type":"post","link":"https:\/\/lovin.co\/dubai\/en\/latest\/dubai-economy\/","title":{"rendered":"Dubai Economy Will Grow By A Massive 5% This Year"},"content":{"rendered":"

Dubai Economy will experience big growth this year, despite a loss of population. Both results of the COVID-19 pandemic.<\/p>\n

A S&P Global Ratings<\/a> 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.<\/p>\n

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.<\/p>\n

Looking ahead, the report noted EXPO will \u201cprovide a platform for recovery activity’ and all sectors can expect to see significant growth this year.<\/p>\n

GDP saw a big drop but will rise for 2021<\/h2>\n

Graphic via Bloomberg<\/a><\/em><\/p>\n

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The Dubai economy is famous for its ability to adapt<\/h2>\n

In the last year alone, Dubai has introduced further long term visa<\/a> 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.<\/p>\n

Like most cities, we took a hit during COVID, but this chameleon-like city is well on the road to recovery.<\/p>\n

Listen to The Lovin Daily: \u2018Businessman\u2019 Jailed For Throwing Fake Cash At Workers<\/h2>\n