A gauge of business conditions in Dubai bounced back to the highest since the coronavirus pandemic dragged the economy into a downturn, even as weak demand still stands in the way of a recovery.
The IHS Markit Dubai Purchasing Managers’ Index rose to 46 in May from a record low 41.7 in April, remaining below the 50 mark that separates contraction from growth. Thanks to a relaxation of lockdown measures, output and new orders declined at a slower rate, while unemployment had the smallest drop in three months, according to a report on Tuesday.
“The latest survey data suggested economic conditions remain a long way from recovery in May,” said David Owen, economist at IHS Markit. “Activity is expected to improve in the year ahead, but it remains to be seen how long it will take for the Dubai economy to rebound following COVID-19.”
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