Deeper Deflation Is Dubai’s Price for Faster Economic Upswing - Bloomberg:
Dubai is deflating its economy to squeeze out growth.
The emirate’s selling prices dropped last month at the fastest pace since February 2016, according to IHS Markit. Its Dubai Purchasing Managers’ Index rose for a third month to 54.6 in October, staying well above the threshold of 50 that separates growth from contraction.
By contrast, IHS Markit’s gauge tracking business conditions for the United Arab Emirates as a whole -- of which Dubai is a part -- was unchanged at its lowest level in almost a decade.
Dubai is deflating its economy to squeeze out growth.
The emirate’s selling prices dropped last month at the fastest pace since February 2016, according to IHS Markit. Its Dubai Purchasing Managers’ Index rose for a third month to 54.6 in October, staying well above the threshold of 50 that separates growth from contraction.
By contrast, IHS Markit’s gauge tracking business conditions for the United Arab Emirates as a whole -- of which Dubai is a part -- was unchanged at its lowest level in almost a decade.
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