Dubai: S&P Global, the United States-based financial information and analytics company, said it expects Dubai’s gross domestic product growth to pick up, averaging about 2.5 per cent annually over 2019-2022.
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The increase will come from increased economic activity associated with Expo 2020 and, after that, by traditional growth engines such as trade and transportation.
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The company expects a marginal pickup in economic growth to 2.4 per cent in 2019, with support coming largely from the construction and real estate sectors. They expect the completion of Expo 2020-related infrastructure projects and additional residential housing supply to enter the market from existing projects this year. A boost to tourism and related spending linked to Expo 2020 should drive somewhat stronger growth in 2020.
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