Dubai’s economy is expected to contract by 6.2 percent in 2020, with the travel and hospitality sectors hit hard by the coronavirus pandemic, the emirate saw a surge in bank financing for the transport, storage and communications sectors, and strong growth in the establishment of new financial technology (fintech) companies licensed to operate.
“Our leadership’s directives were focused on ensuring that the short-term impact of the COVID-19 pandemic does not translate into a long-term economic hardship that would inflict lasting damage on people and businesses by way of job losses and bankruptcies,” Sami Al-Qamzi, director general of Dubai Economy, said in a statement.
According to a report by Dubai Economy, economic growth in the emirate during the first half of 2020 declined by 10.8 percent, and is forecast to contract by 6.2 percent for the full year.
Due to the COVID-19 lockdown, global travel restrictions had a big impact on the hotels and restaurants sector, which contracted by 20 percent, followed by the transport and storage sector (down 11 percent) and the retail and wholesale trade sector (down 9 percent).
“Our leadership’s directives were focused on ensuring that the short-term impact of the COVID-19 pandemic does not translate into a long-term economic hardship that would inflict lasting damage on people and businesses by way of job losses and bankruptcies,” Sami Al-Qamzi, director general of Dubai Economy, said in a statement.
According to a report by Dubai Economy, economic growth in the emirate during the first half of 2020 declined by 10.8 percent, and is forecast to contract by 6.2 percent for the full year.
Due to the COVID-19 lockdown, global travel restrictions had a big impact on the hotels and restaurants sector, which contracted by 20 percent, followed by the transport and storage sector (down 11 percent) and the retail and wholesale trade sector (down 9 percent).
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