Source: Emirates 24|7
A latest study reveals that Dubai has witnessed unprecended growth in the last four decades.
The real growth rate of Dubai increased six per cent between 1975 and 1990 and about nine per cent during 1991-2008 period, recording an annual growth average of 5.7 per cent, reported Arabic dailies ’Al Khaleej’ and ‘Al Bayan’.
Dubai surpassed growth rates of Singapore by seven per cent; Hong Kong 6.1 per cent; and United States 3.1 per cent.
Dubai has successfully restructured its economy during the period becoming less dependent on oil. Oil contributed of 48 per cent to the GDP during 1975-1980, which fell to six per cent between 2005 and 2008.
The executive cadre of the Centre for economic policy and research, the operational arm of the Secretariat-General of Dubai Economic Council (DEC) conducted the study.
The relationship between economic growth and export structure as well as the development strategy in Dubai was the focus of the study.
The study aims to raise awareness among decision makers.