Standard & Poor's credit rating agency expects Dubai's economy to grow by 3.5% in 2021, due to a rising population, high vaccination rates and a gradual easing of global travel restrictions.
According to Arabiya Net, the agency said that it expects Dubai's economy to continue growing in 2022, but at a lower rate of 2.5%, compared to a contraction of 10.9% in year 2020
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The agency expects the emirate's population to grow by about 2% on average during the period from 2021 to 2024, after recording a decline in 2020.
Other factors supporting the growth of Dubai's GDP include the high vaccination rates against corona, as reports indicated that about 80% of the population received full vaccination, in addition to Gradual easing of global travel restrictions, according to the report.
Dubai will record stronger tourist arrivals in 2021, from historic lows in 2020, and maintain demand momentum, partly supported by Expo 2020 in Dubai, the agency noted. From October 2021 to March 2022.
The new residence visas, including those for remote work and retirees, are expected to contribute to population growth and investment in the long term.
