The economy in Dubai is expected to experience around 4 percent growth this year thanks to recovering logistics and trade sectors, according to a government chief economist.
Mohammad Lahouel, the Department of Economic Development’s chief economist, spoke recently about the outlook for Dubai’s economy stating that growth will speed up this year due to strong recovery within the logistics and trade sectors.
Lahouel states that it is conservative to estimate growth of 3 to 4 percent for 2011, with expectations falling closer to the 4 percent mark.
Dubai is part of the seven-member United Arab Emirates and is said to have experienced economic growth of 2.2 percent in 2010, according to a local statistics centre. That growth came after Dubai saw a contraction of 2.4 percent in 2009.
The IMF (or International Monetary Fund) predictions put real GDP growth for 2010 at about 0.5 percent due to the fact that Dubai, a business and trade hub for the surrounding region, experienced trouble with the debt load of government-owned conglomerates in 2010.Paul Holdsworth, Staff Writer, Gulf Jobs Market News