Dubai to Reach Pre-COVID-19 Economic Growth Levels by 2023; S&P Global Ratings

S&P Global Ratings (S&P Global) expects Dubai’s economy within the United Arab Emirates (UAE) to return to 2019 (pre-pandemic) growth levels only in 2023. This is despite the recoveries being seen in some sectors and developments made in the UAE’s vaccination drive against COVID-19.

Why it matters?

Dubai’s economy is heavily dependent on a few key sectors, namely real estate, retail, tourism and hospitality. S&P Global expects the impact of the shocks in 2020 to continue through 2021, with these sectors expected to remain under pressure for up to 24 months, as Dubai reels from the effects of the pandemic and low oil prices in 2020.

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