S&P says lackluster tourism to keep Dubai economy down

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The coronavirus-driven decline in tourism contributed to 56% of the overall decline.
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  • The economy of the Middle East trade, finance, and tourism hub shrank 10.9% last year
  • S&P expects Dubai's real gross domestic product growth to average about 2% between 2022 and 2024

Although Dubai is set for a ‘modest’ recovery this year on the back of a high vaccination rate in the UAE and fewer Covid restrictions, but a slower rebound in international tourism could be a drag on the economy until the end of 2022, according to S&P.

The economy of the Middle East trade, finance, and tourism hub shrank 10.9% last year, with the coronavirus-driven decline in tourism contributing to 56% of the overall decline, the ratings agency said in a report on Tuesday.

S&P expects Dubai’s real gross domestic product growth to average about 2% between 2022 and 2024.

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