Arab News, Wednesday, Oct 20, 2021 | Rabi Al-Awwal 13, 1443
Weak tourism to weigh on Dubai economy until late 2022, says S&P report
Emirates: Dubai is set for a
"modest" recovery this year on the back of a high vaccination rate in the United
Arab Emirates and limited COVID-19 restrictions, but weak international tourism
will drag on the economy until late 2022, S&P Global Ratings said.
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.