Dubai's economy grew 1.94 percent in 2018, the government said on Wednesday...
DUBAI - Dubai’s economy grew 1.94 percent in 2018, the government said on Wednesday, slowing down from a 2.8 percent growth rate in 2017 and hitting its slowest pace since a contraction in 2009 when the economy was hobbled by a debt crisis.
“A weakening external backdrop, a strong U.S. dollar and the ongoing correction in the property market are headwinds for a number of vital sectors,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. Analysts expect some economic recovery for Dubai ahead of 2020 when the city hosts the World Expo event.
London-based Capital Economics in a report said the property sector is likely to remain in the doldrums while a weakness in the global economy will weigh on Dubai’s manufacturing and logistics sectors. Capital Economics is forecasting GDP growth of 3.8 percent this year before a pick-up to 4.5 percent in 2020.
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