Dubai Economy Expected to Soar 4 Percent in 2021 Published December 24th, 2020 - 09:00 GMT
The UAE banking system remained active in financing and extending credit in first half of 2020. (Shutterstock)
Highlights
Economic growth in Dubai in H1 2020 declined by 10.8% and is expected to end the year with a 6.2% contraction.
Dubai is expected to grow by four percent next year following a quick economic recovery due to effective policy measures introduced by the government to contain the Covid-19 pandemic, says a report.
Economic growth in Dubai declined by 10.8 per cent during the first half of 2020 and is expected to end the year with a 6.2 per cent contraction due to the government’s swift response to the pandemic and its strong economic fundamentals that have paved the way for rapid recovery, according to a handout issued by Dubai Media Office on Wednesday.
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.
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Dubai’s economy is forecast to expand 4 per cent in 2021 driven by its effective response in protecting lives and livelihoods from the impact of Covid-19 and countering a pandemic-driven economic slowdown, according to government projections.
Strong economic fundamentals of Dubai, the commercial and trading hub of the Middle East, and the pandemic-delayed Expo 2020 in October to next year, have also provided the bedrock for a quick rebound, the Dubai Media Office said in a statement on Wednesday.
The expansion next year, however, will follow a an estimated 6.2 per cent economic contraction in 2020, the media office said. The emirate’s economy shrank 10.8 per cent in the first half of the year, on the back of the massive shock of unprecedented global and local measures to contain Covid-19, it said.
Dubai economy forecast to grow by 4% in 2021
The UAE banking system remained active in financing and extending credit in first half of 2020.
Economic growth in Dubai in H1 2020 declined by 10.8% and is expected to end the year with a 6.2% contraction.
Dubai is expected to grow by four per cent next year following a quick economic recovery due to effective policy measures introduced by the government to contain the Covid-19 pandemic, says a report.
Economic growth in Dubai declined by 10.8 per cent during the first half of 2020 and is expected to end the year with a 6.2 per cent contraction due to the government’s swift response to the pandemic and its strong economic fundamentals that have paved the way for rapid recovery, according to a handout issued by Dubai Media Office on Wednesday.