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Dubai economy to grow 4% in 2021, rebounding from this year s contraction
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Last Updated: Dec 24, 2020, 11:45 AM IST
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Synopsis
Dubai Statistic Centre said the economy declined by 10.8% in the first six months of 2020, which the centre s executive director, Arif Al Muhairi, said was within the expected range of economic contraction, given the massive global economic impact of the COVID-19 pandemic.
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DUBAI: Dubai, the financial and business hub of the United Arab Emirates (UAE), is forecast to grow by 4% in 2021, recovering for a projected 6.2% contraction this year, the government said, citing projections from the Dubai Statistic Centre.
The economy was hit hard by the coronavirus outbreak, which hurt its key tourism, real estate and trade sectors.
Dubai economy forecast to grow by 4 per cent in 2021
24 Dec 2020 The photo has been used for illustrative purposes.
Since the onset of the COVID-19 pandemic, Dubai has responded with swift and effective health measures and economic support initiatives that protected lives and livelihoods.
This has enabled the Emirate to contain the spread of the COVID-19 virus and its impact on the economy, and paved the way for a quick recovery.
The comprehensive preventive and support measures were implemented following the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the close follow-up of Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai whose leadership of the crisis became a global role model for combating COVID-19.